What are the penalties for violations against regulations on methods for provision of transboundary accounting services?

In this post, we will discuss about the methods of providing transboundary accounting services and the penalties for violations against regulations in this field pursuant to Article 30, Decree 41/2018/ND-CP:

1. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed on the foreign accounting firm committing one of the following violations:

a) Making payment of service charges against regulations of law on foreign currency management of Vietnam;

b) Failure to make accounting service contracts in compliance with Vietnamese law while providing transboundary accounting services in Vietnam.

c) Failure to make joint venture contracts while providing transboundary accounting services in Vietnam.

2. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed on the organization in the following cases:

a) The Vietnamese accounting firm forms joint venture with a foreign firm that is not eligible for provision of transboundary accounting services while providing transboundary accounting services in Vietnam;

b) The foreign accounting firm forms joint venture with a Vietnamese firm that is not eligible for provision of accounting services while providing transboundary accounting services in Vietnam.

3. A fine ranging from VND 30.000.000 to VND 40.000.000 shall be imposed on the foreign accounting firm that fails to form joint venture with a Vietnamese firm that is eligible for provision of accounting services while providing transboundary accounting services in Vietnam.

4. Additional penalty:

The foreign accounting firm committing the violation mentioned in Clause 3 of this Article shall have its certificate of eligibility to provide transboundary accounting services in Vietnam suspended for 6-12 months from the day the decision on penalty imposition comes into effect.

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.