How will violations against regulations on the provision of accounting services be penalized?

To offer accounting services, the entity needs to carefully prepare for the legal procedure to avoid violations against the law on the provision of accounting services, otherwise, penalties shall be imposed pursuant to Article 28, Decree 41/2018/ND-CP:

1. A fine ranging from VND 5,000,000 to VND 10,000,000 shall be imposed on the enterprise using the phrase “dịch vụ kế toán” (accounting service) in its name despite being ineligible for providing accounting services.

2. A fine ranging from VND 40,000,000 to VND 50,000,000 shall be imposed on the enterprise committing one of the following violations:

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

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

3. Additional penalty:

The enterprise committing the violation mentioned in Point b, Clause 2 of this Article shall have its certificate of eligibility to provide accounting services suspended for 3-6 months period 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 concerns, please contact Vinasc’s Customer Care department for timely support.