Recently, several new regulations in the field of accounting and taxation have been promulgated. Notably, the following four regulations stand out.
Article table of contents
1. Application of New Regulations on Administrative Sanctions in the Field of Accounting
Decree 41/2018/ND-CP stipulates administrative sanctions in the field of accounting and independent auditing, recently issued by the Government of Vietnam.
Administrative violations in the field of accounting are subject to a maximum fine of 100 million VND for organizations. If an individual commits the violation, the maximum fine is 50 million VND.
- In the cases specified in Clause 1, Article 7, 8, 9, 10, 11, 13, 14, 15, 16, 17; Article 19; Clauses 1, 3 of Article 21, 22; Articles 23, 24, 26, 33, 34; Clauses 1, 3 of Article 36; Clause 1 of Article 38; Clauses 2, 3 of Article 39; Clauses 1, 2 of Article 48; Clause 1 of Article 57; Clauses 1, 2 of Article 61, and Article 67, the fine level applies to individuals.- For organizations with the same violation, the fine is double the fine for individuals.
Detailed penalty levels for each violation can be found at Decree 41/2018/ND-CP, effective from May 1, 2018, replacing Decree 105/2013/ND-CP.
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2. Deadline for Submitting Tax Finalization Documents is April 2, 2018
The General Department of Taxation has just issued a notice on the deadline for submitting tax finalization documents. According to Point c, Clause 2, Article 32, Law on Tax Administration 2006, the deadline for submitting annual tax finalization documents is as follows:
“No later than the ninetieth day from the end of the calendar year or fiscal year for annual tax finalization documents.”
However, March 31, 2018, the ninetieth day from the end of the 2017 calendar year, falls on a Saturday. Therefore, the final deadline for submitting tax finalization documents is April 2, 2018.
Additionally, the General Department of Taxation is also upgrading the HTKK and iHTKK systems to comply with the Financial Statement Form according to Circular 133/2016/TT-BTC, expected to be completed by March 23, 2018.
For any issues regarding tax declaration, taxpayers can directly call the General Department of Taxation's hotline for support: 024.37689679.
3. Abolition and Replacement of a Series of Administrative Procedures in the Field of Accounting
This is notable content in Decision 286/QD-BTC on the announcement of replacement administrative procedures in the field of accounting and auditing under the management functions of the Ministry of Finance.
The administrative procedures at serial numbers 3, 4, 5, 6, 7 issued together with Decision 2083/QD-BTC are abolished and replaced by the following administrative procedures:
- Registration for the audit certificate exam (first-time registration);- Registration for the accountant certificate exam (first-time registration);- Registration for the combined audit and accountant certificate exam (reexams for failed subjects or continued exams for untested subjects);- Registration for the exam for foreign accounting or auditing professionals;- Registration for the audit certificate exam for those already having an accountant certificate.
See more procedures and administrative steps at Decision 286/QD-BTC, effective from March 7, 2018.
4. Guidance on Accounting Policies for Warrants in Public Companies
Upon receiving a warrant issuance certificate from the State Securities Commission (SSC), accounting must track the number of warrants allowed for issuance and recognize: Debit Account 018 – Warrants.
If distributing and selling warrants to primary investors, recognize: Debit Account 112 – Bank deposits with Account 329 – Payable warrants (detail by warrant type). Concurrently, recognize: Credit Account 018 – Warrants.
Upon confirmation of the results by the SSC, reduce the blocked bank deposit account and increase the regular bank deposit account.
In case the SSC suspends or cancels the offering, recognize: Debit Account 329 – Payable warrants with Account 112 – Bank deposits. Also, explain the number of warrants suspended or canceled.
The above-mentioned contents are based on Circular 23/2018/TT-BTC, effective from April 27, 2018.
