How will violations against regulations on submission and disclosure of financial statements?

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How will violations against regulations on submission and disclosure of financial statements?

Pursuant to Article 12, Decree 41/2018/ND-CP, violations against regulations on submission and disclosure of financial statements will be penalized as follows:

1. A fine ranging from VND 5,000,000 to VND 10,000,000 shall be imposed in the following cases:

a) The financial statement is submitted less than 3 months after the specified deadline;

b) The financial statement is disclosed less than 3 months after the specified deadline.

2. A fine ranging from VND 10,000,000 to VND 20,000,000 shall be imposed in the following cases:

a) The financial statement’s contents are not fully disclosed;

b) The financial statement submitted to the competent authorities does not include the audit statement when required by law;

c) The financial statement is submitted 3 months after the specified deadline or later;

d) The disclosed financial statement does not include the audit statement when required by law;

dd) The financial statement is disclosed 3 months after the specified deadline or later.

3. A fine ranging from VND 20,000,000 to VND 30,000,000 shall be imposed in the following cases:

a) The financial statement’s figures are falsified;

b) Provide or publish financial statements which have inconsistent figures within an accounting period for use in Vietnam.

4. A fine ranging from VND 40,000,000 to VND 50,000,000 shall be imposed for one of the following violations:

a) Failure to submit a financial statement to the competent authorities;

b) Failure to disclose financial statements.

5. Remedial measure:

Submit and disclose the audit statement attached to the financial statement mentioned in Points b and d, 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.

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