Penalty for late submission of financial statements in 2021

What do financial statements include?

⭐ For enterprises applying the accounting regime according to Circular 133:

▪️ Financial status report.

▪️ Profit and Loss Statement

▪️ Notes to the Financial Statements.

▪️ Balance sheet.

▪️ Cash Flow Statement

⭐ For enterprises applying the accounting regime according to Circular 200:

▪️ Balance sheet.

▪️ Profit and Loss Statement

▪️ Cash Flow Statement

▪️ Notes to the Financial Statements.

Penalty for late submission of financial statements:

▶️ During the period of business operations, all enterprises have the responsibility and obligation to submit financial statements to the Competent State agencies according to the prescribed time.

▶️ Accordingly, if businesses pay late; or fail to submit financial statements will be penalized according to the penalty bracket. Specifically, the penalties for late payment of financial statements in 2021 are as follows:

▪️ If you are late to submit financial statements for less than 3 months compared with the regulations, you will be fined from VND 5,000,000 to VND 20,000,000.

▪️ If you are late to submit financial statements for 03 months or more than prescribed >>> you will be fined from VND 10,000,000 to VND 20,000,000.

▪️ Failure to submit financial statements as prescribed >>> you will be fined from VND 40,000,000 to VND 50,000,000.

Deadline for submitting financial statements for 2021 to avoid late payment penalties:

✨ For state-owned enterprises:

Deadline for submission of quarterly financial statements:

▪️ From the end of the quarterly accounting period, the accounting units must submit the quarterly financial statements within 20 days at the latest; for the parent company, the State Corporation within 45 days at the latest.

▪️ Accounting units affiliated with enterprises and State Corporations shall submit quarterly financial statements to the parent company of the corporation according to the time limit specified by the parent company or the corporation.

Deadline for submission of full-year financial statements:

▪️ From the end of the annual accounting period: The accounting unit must submit the annual financial statement within 30 days;  the parent company, the State corporation no later than the last day of the 3rd month from the last day of the end of the calendar year or fiscal year for the annual tax finalization file  (new according to Article 86 of Circular 80/2021/TT-BTC).

▪️ Accounting units affiliated with enterprises, State corporations shall submit annual financial statements to the parent companies and corporations according to the prescribed deadline from the parent company or the corporation.

✨ For other types of businesses:

▪️ From the end of the annual accounting period: The accounting unit being a private enterprise and a partnership company ➡️ must submit the annual financial statements within 30 days at the latest; for other accounting units, the deadline for submission of annual financial statements is the last day of the 3rd month from the end of the calendar year or the fiscal year for the annual tax finalization file (new according to Article 86 of Circular 80/2021/TT-BTC).

▪️ The affiliated accounting unit ➡️ annual financial statements are submitted to the superior accounting unit according to the deadline prescribed by the superior accounting unit.

Note: Enterprises (including domestic enterprises and foreign-invested enterprises) if their headquarters are located in export processing zones; industrial area; hi-tech zone >>>, in addition to submitting the annual financial report to the regulatory agencies (tax authority; business registration agency; statistics agency...). The annual financial statements must also be submitted to the Management Board of the Export Processing Zones, Industrial Parks, and Hi-Tech Parks if required.

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