Can enterprises provide accounting services to overseas?

Transboundary provision of accounting services are legal, but enterprises should consider the regulations and conditions to avoid violations and penalties pursuant to Article 29, Decree 41/2018/ND-CP:

1. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed on the foreign accounting firm that forge or tamper with documents to obtain the certificate of eligibility to provide transboundary accounting services in Vietnam.

2. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed on the foreign accounting firm committing one of the following violations:

a) Providing transboundary accounting services in Vietnam without a certificate of eligibility to provide transboundary accounting services in Vietnam;

b) Continuing to provide transboundary accounting services despite the provision of accounting services being put on hold, suspended or terminated, or the certificate of eligibility to provide transboundary accounting services in Vietnam being revoked.

3. Additional penalty:

The foreign accounting firm committing the violation mentioned in Point b, Clause 2 of this Article shall have its certificate of eligibility to provide transboundary accounting services in Vietnam suspended for3-6 months from the day the decision on penalty imposition comes into effect.

4. Remedial Measure:

Return illegal profits earned by violations mentioned in Clause 2 of this Article.

As an established company in the field of tax and legal consulting, Vinasc hopes to adequately inform our customers to help them mitigate the risk during operation in Vietnam. Should there be any further concern, please contact Vinasc’s Customer Care department for timely support.