How will violations against regulations on retention of accounting documents be penalized?

Pursuant to Article 15, Decree 41/2018/ND-CP, violations against regulations on retention of accounting documents will be penalized as follows:

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

a) Archiving accounting documents 12 months after the specified deadline or later;

b) Failure to arrange the archived accounting documents by fiscal year in chronological order.

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

a) Failure to retain accounting documents in full;

b) Damage or loss of accounting documents during the retention period;

c) Using accounting documents against regulations during the retention period;

d) Failure to inventory and sort accounting documents or to restore lost or damaged ones.

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

a) Destroying accounting documents before the end of the retention period specified in the Law on Accounting but not serious enough for criminal prosecution;

b) Failure to establish a destruction council, to apply the destruction methods correctly and to make a destruction report while destroying accounting documents.

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.