New regulations raise accounting violation fines

The Government has promulgated Decree No. 39/2011/NĐ-CP on amendments and supplements to some articles of Decree No. 185/2004/NĐ-CP on sanction for administrative violations in the accounting domain.

Under the amended Decree, the highest fine level will be raised to VND 30 million from VND 20 million.

The sanction levels will also be raised for violations in accounting records and accounts. Accordingly, dishonest declaration of accounting records will be fined from VND 10-30 million instead of the current levels of VND 5-20 million.

Apart from raising the levels of sanctions, Decree No. 39/2011/NĐ-CP also provides new regulations on violations of balance-sheet reports and on granting certificates to the chief accountant.

The amended Decree is scheduled to take effect on August 1, 2011.

Hải Minh

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