How will violations against general accounting regulations be penalized?

Accounting encompasses different aspects such as calculation, checking of vouchers and bookkeeping. Violations in either of these aspects will cause the enterprise to be penalized. In the following post, we will discuss about the fines for violations against general regulations of the accounting law, pursuant to Article 7, Decree 41/2018/ND-CP:

1. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed for one of the following violations:

a) Misapplication of regulations on letters and numbers in accounting;

b) Misapplication of regulations on monetary units in accounting;

c) Misapplication of regulations on accounting periods;

d) Misapplication of applicable accounting regulations.

2. A fine of VND 20.000.000 to VND 30.000.000 shall be imposed for promulgating or publishing accounting standards, audit standards or accounting regulations ultra vires.

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.