18:02, 04/09/2020
According to Vietnam’s regulations, enterprises are responsible for making periodical financial statements. The implementation period is not to exceed 90 days from the end of the fiscal year. In case enterprises do not comply with regulations, they will be penalized as follows:
Article table of contents
According to Clause 2 Article 6 of Decree No. 41/2018/NĐ-CP of Vietnam’s Government, fines applied to organizations shall be doubled compared to those applied to individuals in cases of the same violations. Penalties for violations against regulations on creation and presentation of financial statements specified in Article 11 of Decree No. 41/2018/NĐ-CP are applied to individuals. For organizations with the same violations, the fines will double those of individuals, specifically as follows:
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Violation
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Fine
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The financial statement does not have sufficient contents or does not follow the standard form
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VND 10.000.000 - VND 20.000.000
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The financial statement lacks the signature of the creator, chief accountant, accounting manager or the accounting unit's legal representative
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Failure to make sufficient financial statements
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VND 20.000.000 - VND 40.000.000
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Applying a financial statement form other than the one specified in accounting standards and regulations except when approved by the Ministry of Finance
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Failure to make financial statements
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VND 40.000.000 - VND 60.000.000
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The financial statement’s figures do not match those in the accounting book or accounting records
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Make and present financial statements against accounting regulations and standards
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Forge financial statements or falsify figures but not serious enough for criminal prosecution
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VND 80.000.000 - VND 100.000.000
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Forge financial statements falsify figures by means of collusion or coercion but not serious enough for criminal prosecution
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Provide or confirm false accounting figures deliberately or by means of collusion or coercion but not serious enough for criminal prosecution
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Penalties for violations against regulations on submission and disclosure of financial statements specified in Article 12 of Decree No. 41/2018/NĐ-CP are applied to both individuals and organizations. To be specific:
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Violation
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Fine
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The financial statement is submitted less than 3 months after the specified deadline
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VND 5.000.000 - VND 10.000.000
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The financial statement is disclosed less than 3 months after the specified deadline
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The financial statement's contents are not fully disclosed
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VND 10.000.000 - VND 20.000.000
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The financial statement submitted to the competent authorities does not include the audit statement when required by law
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The financial statement is submitted 3 months after the specified deadline or later
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The disclosed financial statement does not include the audit statement when required by law
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The financial statement is disclosed 3 months after the specified deadline or later
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The financial statement’s figures are falsified
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VND 20.000.000 - VND 30.000.000
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Provide or publish financial statements which have inconsistent figures within an accounting period for use in Vietnam
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Failure to submit financial statement to the competent authorities
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VND 40.000.000 - VND 50.000.000
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Failure to disclose financial statements
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Enterprises that make improper financial statements, in addition to being fined, are also forced to take remedial measures depending on the violations. Therefore, enterprises are responsible for making annual financial statements in accordance with the law if they do not want to be severely fined.
Thuy Tram
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