Time limit for submitting financial reports for small and medium-sized enterprises

What are the criteria for determining small and medium-sized enterprises? When is the deadline for small and medium enterprises to submit financial reports?

1. What are the criteria for determining small and medium-sized enterprises?

According to the provisions of Article 5 of Decree 80/2021/ND-CP, the criteria for determining small and medium-sized enterprises are specified as follows:

– Micro enterprises in the fields of agriculture, forestry and fisheries; The industry and construction sector employs an average of no more than 10 people per year participating in social insurance and the total revenue of the year is not more than 3 billion VND or the total capital of the year is not more than 3 billion VND.

Micro-enterprises in the field of commerce and services employ an average of no more than 10 people participating in social insurance and the total revenue of the year is not more than 10 billion VND or the total capital of the year is not exceeding 3 billion VND.

– Small businesses in the fields of agriculture, forestry, and fisheries; The industry and construction sector employs an average annual workforce of no more than 100 people participating in social insurance and the total revenue of the year is no more than 50 billion VND or the total capital of the year is no more than 20 billion VND, but is not a micro-enterprise.

Small enterprises in the field of commerce and services employing an average annual workforce of no more than 50 people participating in social insurance and the total revenue of the year is no more than 100 billion VND or total capital of the year not exceeding 50 billion VND, but not a micro enterprise.

– Medium enterprises in the fields of agriculture, forestry, and fisheries; The industry and construction sector employs an average of no more than 200 people participating in social insurance per year and the total revenue of the year is not more than 200 billion VND or the total capital of the year is not more than 100 billion VND, but is not a micro or small enterprise.

Medium-sized enterprises in the field of commerce and services that employ workers participating in social insurance with an average of no more than 100 people per year and total revenue of the year not exceeding 300 billion VND or total capital of the year not exceeding 100 billion VND, but are not micro enterprises or small enterprises.

2. When is the deadline for small and medium-sized enterprises to submit financial reports?

Pursuant to Clause 1, Article 80 of Circular 133/2016/TT-BTC stipulates:

Responsibilities and deadlines for preparing and submitting financial reports

1. Responsibilities and deadlines for preparing and sending financial reports:

a) All small and medium-sized enterprises must prepare and send annual financial reports no later than 90 days from the end of the fiscal year to relevant agencies according to regulations.

b) In addition to preparing annual financial statements, businesses can prepare monthly and quarterly financial reports to serve management and regulatory requirements. operate production and business activities of the enterprise.

So, small and medium-sized enterprises must prepare and send annual financial reports within no later than 90 days from the end of the fiscal year to relevant agencies according to regulations.

3. What are the fines related to violations of the submission and disclosure of financial reports?

Pursuant to Article 12 of Decree 41/2018/ND-CP stipulating the penalties for violations of the regulations on submission and disclosure of financial reports as follows:

(1) Fine from 5,000,000 VND to 10,000,000 VND for one of the following acts:

– Submitting financial reports to competent state agencies less than 03 months behind the prescribed deadline;

– Publicizing financial reports less than 03 months late than the prescribed deadline.

(2) Fine from 10,000,000 VND to 20,000,000 VND for one of the following acts:

– Publicizing financial statements with incomplete content as prescribed;

– Submitting financial reports to competent state agencies without attaching an audit report for cases where the law requires auditing of financial statements main;

– Submitting financial reports to competent state agencies 03 months or more behind the prescribed deadline;

– Publicizing financial statements without accompanying audit reports for cases where the law requires auditing of financial statements;

– Publicizing financial reports 03 months or more behind the prescribed deadline.

(3) Fine from 20,000,000 VND to 30,000,000 VND for one of the following acts:

– Falsely disclosing information and data on financial reports true;

– Providing and publishing financial reports for use in Vietnam with inconsistent data in an accounting period.

(4) Fine from 40,000,000 VND to 50,000,000 VND for one of the following acts:

– Failure to submit financial reports to the agency competent state;

– Not disclosing financial reports according to regulations.

In addition, remedial measures are also applied: Forced submission and disclosure of audit reports attached to financial statements for the following violations:

– Submitting financial reports to competent state agencies without attaching audit reports for schools In cases where financial statements are required by law to be audited;

– Publicizing financial statements without audit reports in cases where financial statements are required to be audited by law;

Note: The above-mentioned fine is the fine for organizations, the fine for individuals is 1/2 of the organization.