Strict penalties for administrative violations pertaining accounting
Decree No. 41 regulates penalties up to VND100 million (US$4,400) for administrative violations pertaining accounting or auditing, which will come into effect starting this May.
Under the new decree, the penalties will vary from the maximum of VND50 million (US$2,200) for individuals and VND100 million (US$4,400) for organizations.
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A higher fines from VND20 – 30 million (US$874 – 1,314) will be applied for organizations issuing unauthorized accounting and auditing standard, as well as accounting regime.
On violating regulations pertaining accounting source documents, the Decree will impose fines in range of VND3 – 5 million (US$131 – 219) for the following violations: lack of essential information; fabrication of accounting source documents or other accounting data; signing accounting sources vouchers in red ink or by affixing a seal with an engraved signature. Moreover, signatures on accounting source vouchers used for disbursement of money must be signed on each copy.
Additionally, a fine from VND5 – 10 million (US$219 – 437) for following violations: lack of required number of copies for accounting source voucher; signing accounting source voucher prior to the signatory having recorded on the voucher all items for which the person in subject is responsible; unauthorized person signing accounting source voucher; different signature on accounting source voucher; accounting source voucher lacks of necessary signatures by the holders of the positions specified in such document; accounting source voucher in foreign language not translated into Vietnamese; accounting source voucher is lost or damaged.
Other conducts are strictly prohibited, including: fabrication of making false declaration, or coercing another person to fabricate or making false declaration on accounting source documents not to the extent of being criminally prosecuted; inconsistent information reflecting economic and financial transaction which arose in different copies, among others will be fined from VND20 – 30 million (US$874 – 1,314).
Penalties in range from VND40 – 50 million (US$1,752 – 2,200) will be applied for fabricated financial statements, or making false declaration on financial statements, which are not to the extent of being criminally prosecuted.
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