What penalties can the People’s Committees of all levels impose on violations against accounting and independent audit regulations?

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What penalties can the People’s Committees of all levels impose on violations against accounting and independent audit regulations?

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Pursuant to Article 71, Decree 41/2018/ND-CP, the power of People’s Committees of all levels to impose penalties for administrative violations is stipulated as follows:

1. Chairpersons of commune-level People’s Committees are entitled to:

a) Issue warnings;

b) Impose fines up to VND 5.000.000;

c) Confiscate evidence of administrative violations whose value do not exceed the fine specified in Point b of this Clause.

2. Chairpersons of district-level People’s Committees are entitled to:

a) Issue warnings;

b) Impose fines up to VND 25.000.000;

c) Confiscate evidence of administrative violations whose value do not exceed the fine specified in Point b of this Clause.

d) Impose suspension of certificates of registration for accounting practice, certificates of eligibility for providing accounting services or suspension of operations.

dd) Enforce remedial measures specified in Article 5 of this Decree.

3. Chairpersons of province-level People’s Committees have the right to impose penalties for administrative violations regulated by this Decree as follows:

a) Issue warnings;

b) Impose fines up to VND 50.000.000 on individuals;

c) Confiscate evidence of administrative violations;

d) Impose suspension of certificates of registration for accounting practice, certificates of registration for auditing practice, certificates of eligibility for providing accounting and audit services or suspension of operations;

dd) Enforce remedial measures specified in Article 5 of this Decree.

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.

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