What are the penalties imposed in Vietnam if a company fails to comply with reporting requirements and compliance deadlines?

If a company fails to comply with VAT regulations and misses the deadline, penalties will be ensued and in many cases profits will also be affected. In addition, a taxpayer who pays tax later than the deadline has to pay the outstanding tax liabilities plus a fine equal to 0.05% for each day the tax is due. If taxpayers make incorrect declarations, taxpayers then have to pay the full amount of the under-declared tax or return the excess refund and also pay a fine equal to 20% of the under-declared or excess refunded tax amount together with a fine for late payment of the tax.