According to Circular 61 recently passed by the Finance Ministry directing the implementation of dealing with tax infringements, guilty individuals or companies could be charged a fine of up to 100 million VND.

Tax evasion and fraud will be fined at one to three times the amount evaded. Infringements over tax regulations are taken even more seriously by a possible fine of up to 100 million VND. Other delays in tax and penalty payments will be additionally charged by 0.05% of the fine each day.

Additionally false financial statements leading to a difference in the levy or an increase in the refundable amount from tax will face a 10% charge.

When punishment is applied to people aged between 16 and 18, charges are required to not exceed half of that to adolescence.

Parents or guardians of those who are not capable of payment will be responsible for the tax payment.

Source: HNM

Translated by Hoang Anh