What are the penalties for misinformation about the tax obligations and how to resolve them?

The following article will inform enterprises about the penalties for violations against regulations on the provision of information about the determination of tax obligations pursuant to Article 14, Decree 125/2020/ND-CP of the Government:

1. Fines ranging from VND 2,000,000 to VND 3,000,000 shall be imposed for one of the following violations:

a) Providing statutory information, documents and records related to tax registration according to notifications issued by tax authorities at least 05 working days after expiration of the prescribed time limits;

b) Providing statutory accounting information, documents and records related to the determination of tax obligations according to notifications issued by tax authorities at least 05 working days after expiration of the prescribed time limits.

2. Fines ranging from VND 3,000,000 to VND 5,000,000 shall be imposed for one of the following violations:

a) Failing to provide, or incompletely or inaccurately providing, information, documents, records, invoices or accounting books related to the determination of tax obligations; incompletely or inaccurately providing account numbers, balances of deposit accounts, checking accounts for competent authorities upon their request;

b) Failing to provide, or incompletely or wrongly providing, information or data related to tax obligations of which registration must be made under regulations on condition that this act does not result in any reduction in tax obligations to the state budget;

c) Failing to provide, or incompletely or inaccurately providing, information, documents related to deposit accounts, checking accounts opened at credit institutions, state treasuries, or debts of related third parties, for competent tax authorities upon their request.

3. Remedies: Compelling the provision of information with respect to the acts specified 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 concern, please contact Vinasc’s Customer Care department for timely support.