How will violations against regulations on notification and reporting committed by households and enterprises providing accounting services be penalized?

Pursuant to Article 33, Decree 41/2018/ND-CP, violations against regulations on notification and reporting committed by households and enterprises providing accounting services are penalized as follows:

1. A warning shall be imposed for one of the following violations:

a) Notifying the Ministry of Finance of changes in the contents specified in Article 66 of the Law on Accounting less than 15 days after the specified deadline;

b) Submitting annual consolidated reports on the accounting practitioners’ state of upholding requirements for practicing accounting in the unit to the Ministry of Finance less than 15 days after the specified deadline;

c) Notifying the Ministry of Finance in writing less than 15 days after the specified deadline when the certificates of accounting practice registration of the unit’s accounting practitioners expire or are invalidated;

d) Submitting annual reports on the state of upholding requirements for provision of accounting services to the Ministry of Finance less than 15 days after the specified deadline;

dd) Submitting annual reports on the state of operation to the Ministry of Finance less than 15 days after the specified deadline;

e) Notifying the Ministry of Finance in writing less than 15 days after the specified deadline when the provision of accounting services resumes after being put on hold;

g) Notifying the termination of provision of accounting services to the Ministry of Finance less than 15 days after the specified deadline;

h) Submitting scheduled and unscheduled reports to the Ministry of Finance upon request less than 15 days after the specified deadline.

2. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for one of the following violations:

a) Notifying the Ministry of Finance of changes in the contents specified in Article 66 of the Law on Accounting 15 days after the specified deadline or later;

b) Submitting annual consolidated reports on the accounting practitioners’ state of upholding requirements for practicing accounting in the unit to the Ministry of Finance 15 days after the specified deadline or later;

c) Notifying the Ministry of Finance in writing 15 days after the specified deadline or later when the certificates of accounting practice registration of the unit’s accounting practitioners expire or are invalidated;

d) Submitting annual reports on the state of upholding requirements for provision of accounting services to the Ministry of Finance 15 days after the specified deadline or later;

dd) Submitting annual reports on the state of operation to the Ministry of Finance 15 days after the specified deadline or later;

e) Notifying the Ministry of Finance in writing 15 days after the specified deadline or later when the provision of accounting services resumes after being put on hold;

g) Notifying the termination of provision of accounting services to the Ministry of Finance 15 days after the specified deadline or later;

h) Submitting scheduled and unscheduled reports to the Ministry of Finance upon request 15 days after the specified deadline or later.

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

a) Failure to notify the Ministry of Finance of changes in the contents specified in Article 66 of the Law on Accounting;

b) Failure to submit annual consolidated reports on the accounting practitioners ‘ state of upholding requirements for practicing accounting in the unit to the Ministry of Finance;

c) Failure to notify the Ministry of Finance in writing when the certificates of accounting practice registration of the unit’s accounting practitioners expire or are invalidated;

d) Failure to submit annual reports on the state of upholding requirements for provision of accounting services to the Ministry of Finance;

dd) Failure to submit annual reports on the state of operation to the Ministry of Finance;

e) Failure to notify the Ministry of Finance in writing when the provision of accounting services resumes after being put on hold;

g) Failure to notify the termination of provision of accounting services to the Ministry of Finance;

h) Failure to submit scheduled and unscheduled reports to the Ministry of Finance upon request.

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.