What penalties are imposed on violations against regulations on notification and reporting obligations of accounting practitioners?

Pursuant to Article 34, Decree 41/2018/ND-CP, violations against regulations on notification and reporting obligations of accounting practitioners shall be penalized as follows:

1. A warning shall be imposed on accounting practitioners for notifying or reporting to the Ministry of Finance less than 15 days after the specified deadline when:

a) No longer working for the accounting firm specified in the certificates of accounting practice registration;

b) The full-time labor contract with the accounting firm expires or is terminated or has changes that make the contract no longer full-time;

c) The foreign accounting practitioner’s Vietnamese work permit expires or is invalidated;

d) Taking on positions of chief accountant, accountant manager, accountant, internal auditor or others within the unit, or at units and organizations other than the registered accounting unit;

dd) The accounting unit where the accounting practitioner is working at undergoes full or partial division, consolidation, acquisition, termination of operations, dissolution, or bankruptcy;

e) Requested by the Ministry of Finance to provide scheduled or unscheduled information relevant to the accounting practitioner’s work.

2. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed on accounting practitioners for notifying or reporting to the Ministry of Finance 15 days after the specified deadline or later when:

a) No longer working for the accounting firm specified in the certificates of accounting practice registration;

b) The full-time labor contract with the accounting firm expires or is terminated or has changes that make the contract no longer full-time;

c) The foreign accounting practitioner’s Vietnamese work permit expires or is invalidated;

d) Taking on positions of chief accountant, accountant manager, accountant, internal auditor or others within the unit, or at units and organizations other than the registered accounting unit;

dd) The accounting unit where the accounting practitioner is working at undergoes full or partial division, consolidation, acquisition, termination of operations, dissolution, or bankruptcy;

e) Requested by the Ministry of Finance to provide scheduled or unscheduled information relevant to the accounting practitioner’s work.

3. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed on accounting practitioners for failure to notify or report to the Ministry of Finance when:

a) No longer working for the accounting firm specified in the certificates of accounting practice registration;

b) The full-time labor contract with the accounting firm expires or is terminated or has changes that make the contract no longer full-time;

c) The foreign accounting practitioner’s Vietnamese work permit expires or is invalidated;

d) Taking on positions of chief accountant, accountant manager, accountant, internal auditor or others within the unit, or at units and organizations other than the registered accounting unit;

dd) The accounting unit where the accounting practitioner is working at undergoes full or partial division, consolidation, acquisition, termination of operations, dissolution, or bankruptcy;

e) Requested by the Ministry of Finance to provide scheduled or unscheduled information relevant to the accounting practitioner’s work.

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.