Vietnam: How are fines for enterprises for making improper financial statements?

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:

Báo cáo tài chính không đúng quy định, doanh nghiệp bị phạt thế nào?

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:

Violation

Fine

The financial statement does not have sufficient contents or does not follow the standard form

VND 10.000.000 - VND 20.000.000

The financial statement lacks the signature of the creator, chief accountant, accounting manager or the accounting unit's legal representative

Failure to make sufficient financial statements

VND 20.000.000 - VND 40.000.000

Applying a financial statement form other than the one specified in accounting standards and regulations except when approved by the Ministry of Finance

Failure to make financial statements

VND 40.000.000 - VND 60.000.000 

The financial statement’s figures do not match those in the accounting book or accounting records

Make and present financial statements against accounting regulations and standards

Forge financial statements or falsify figures but not serious enough for criminal prosecution

VND 80.000.000 - VND 100.000.000

Forge financial statements falsify figures by means of collusion or coercion but not serious enough for criminal prosecution

Provide or confirm false accounting figures deliberately or by means of collusion or coercion but not serious enough for criminal prosecution

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:

Violation

Fine

The financial statement is submitted less than 3 months after the specified deadline

VND 5.000.000 - VND 10.000.000

The financial statement is disclosed less than 3 months after the specified deadline

The financial statement's contents are not fully disclosed

VND 10.000.000 - VND 20.000.000

The financial statement submitted to the competent authorities does not include the audit statement when required by law

The financial statement is submitted 3 months after the specified deadline or later

The disclosed financial statement does not include the audit statement when required by law

The financial statement is disclosed 3 months after the specified deadline or later

The financial statement’s figures are falsified

VND 20.000.000 - VND 30.000.000

Provide or publish financial statements which have inconsistent figures within an accounting period for use in Vietnam

Failure to submit financial statement to the competent authorities

VND 40.000.000 - VND 50.000.000

Failure to disclose financial statements

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

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

60 lượt xem
  • Address: 19 Nguyen Gia Thieu, Vo Thi Sau Ward, District 3, Ho Chi Minh City
    Phone: (028) 7302 2286
    E-mail: info@lawnet.vn
Parent company: THU VIEN PHAP LUAT Ltd.
Editorial Director: Mr. Bui Tuong Vu - Tel. 028 3935 2079
P.702A , Centre Point, 106 Nguyen Van Troi, Ward 8, Phu Nhuan District, HCM City;