The administrative penalty for customs and taxations has been updated pursuant to the Amended Law on Tax Administration dated 20 November 2012, specifically as follows:
Penalties on Taxation:
■ Violations of tax procedures: Penalty level increases to VND200 million at maximum (current penalty level is VND100 million).
■ Wrong declarations resulting in underdeclaration of tax liabilities or higher amount of refund: Penalty level is 20% of the under-declaration or higher refund amount (current penalty level is 10%).
■ For tax evasion and fraud: The level of penalty remains unchanged as currently from 1 to 3 times of the deemed amount of evaded and fraudulent tax liabilities.
Please click here for more information.