SEC to businesses: Online submission of GIS and AFS papers
Philippines’ MANILA – The Securities and Exchange Commission (SEC) is urging organizations that fall under its purview to submit their annual financial statements (AFS) and general information sheets (GIS) online.
Additionally, it has established deadlines for the filing of general information sheets and annual financial statements in 2023.
All stock and non-stock corporations must file their annual reports electronically using the SEC Electronic Filing and Submission Tool (eFAST), formerly known as the Online Submission Tool, according to the SEC.
The SEC will no longer accept over-the-counter submissions as part of its transition to zero face-to-face transactions.
To maintain an organized and orderly filing of annual reports, the SEC will impose a timetable based on the last digit of corporations’ registration or license numbers.
According to the SEC, all businesses, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations whose fiscal years end on December 31, 2022, shall file their AFS based on the following dates: May 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 15, 16, 17, 18, and 26. (May 29, 30, 31, and June 1, 2).
The AFS must be submitted by a corporation whose fiscal year ends before December 31, 2022, within 120 calendar days of that date.
Corporations that have securities listed on the Philippine Stock Exchange (PSE), registered but not listed on the PSE, or covered by Section 17.2 of Republic Act 8799, or the Securities Regulation Code (SRC), must file their AFS as an attachment to their annual reports within 105 calendar days of the end of their fiscal year.
Beginning June 5, 2023, late filings will be accepted with the corresponding penalty.
But for stock corporations, the SEC mandated that a GIS be submitted within 30 days of the actual date of the annual stockholders’ meeting.
For non-stock businesses, a GIS must be submitted within 30 days of the actual date of the annual meeting, and for foreign corporations, it must be submitted within 30 days after the anniversary date of the SEC license’s issuance.
Additionally, all corporations must use eFAST to submit their annual report requirements online.
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