Penalties for businesses that are late in notifying bank accounts

Registering a bank account is one of the mandatory requirements of a company after its establishment. Enterprises need to notify the bank account number used in business transactions to the business registration office before making transactions using the account.

1. Deductible Expenses and Non-Cash Payment Requirements

According to the provisions at Point c, Clause 1, Article 6 of Circular 78/2014/TT-BTC, the expenses that are deducted by enterprises: “Expenditures if there are invoices for each purchase of goods and services with a value of 20 million VND or more.” or more (price includes VAT) must have non-cash payment documents when making payment. Non-cash payment documents comply with the provisions of legal documents on value added tax.”

Accordingly, cases with order or contract value over 20 million and requiring invoice issuance must be done via bank transfer. Through this, we can see how important registering a bank account is for each company.

Currently, the bank account notification has changed from having to submit a notification form to the tax department directly managing the enterprise, but to the Department of Planning and Investment where the enterprise has its head office address.

Late or no notification fined up to 5 million VND

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2. Penalties for Late Notification of Bank Account Changes

Bank account notification is considered part of the content of notification of changes in tax registration information. According to the provisions of Circular 166/2013/TT-BTC, corresponding cases of late submission of notice of change in tax registration information will be penalized as follows:

Article 7. Penalties for late submission of tax registration dossiers and late notification of changes to information in tax registration dossiers compared to the prescribed deadline

2.1. Warning

A warning shall be imposed for submitting tax registration dossiers or notifying changes in information in tax registration dossiers to tax authorities 01 to 10 days beyond the prescribed time limit with extenuating circumstances.

2. Fine of 700,000 VND

If there are mitigating circumstances, the minimum fine is not lower than 400,000 VND or if there are aggravating circumstances, the maximum fine is not more than 1,000,000 VND for the act of submitting registration documents tax registration or notify changes in information in the tax registration dossier to the tax authority within the prescribed time limit from 01 day to 30 days (except for the case specified in Clause 1 of this Article).

3. Fine of 1,400,000 VND

If there are extenuating circumstances, the minimum fine shall not be lower than 800,000 VND or if there are aggravating circumstances, the maximum fine shall not exceed 2,000,000 VND for one of the following:
a) Submitting tax registration dossier or notifying information change in tax registration dossier more than 30 days beyond the prescribed time limit.
b) Failure to notify changes in information in the tax registration dossier.
c) Failure to submit tax registration documents but no tax payable arises.


Thus, businesses that are late in notifying their bank accounts will be subject to an administrative fine

2. Notify bank account with the Department of Planning

Step 1: Prepare documents including:

Notice of change in business registration content (Appendix II-1 Circular 02/2019/TT-BKHDT);
Application for opening a bank account;
Power of attorney for the person carrying out the procedures;
ID card/Citizen identification card photo of the authorized person.

Step 2: Scan the entire file

Step 3: Visit the website: dangkyquamang.dkkd.gov.vn to create a personal account

Step 4: Select Information Management => Request Business Registration Account

Account approval depends on the system, within 1 working day at the latest

When confirmed or rejected, the system will send an email to notify you. You can also check the status in section: Personal information management => Summary of user requests

Step 5: After confirming your business registration account. Select Business Registration

Step 6: Select Submit application using business registration account => Next

Step 7: Register to change the content of business registration/affiliated units => Next

Step 8: Enter the Tax Code of the business that needs notification, and press Search to confirm your Business information => Next => Notification of changes => Next

Step 9: Hold down Ctrl + click on the profile you want to select, then press Select => Next

Step 10: Then fill in the Tax information section.
Step 11: Contact information, fill in the information of the authorized person

Step 12: Check your email to see if the receipt of business registration documents via electronic network has been successful or not.

Step 13: Print the Receipt – Valid electronic registration documents, sign the result recipient section

Step 14: Within 30 days from the date recorded on the Notification of valid online business registration documents, the enterprise brings paper documents to the Business Registration Office and submits them. You will then receive a Confirmation of changing the business registration content.

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