Corporations and other regulated businesses are being given a pass by the Securities and Exchange…
SEC extends the deadline for filing for amnesty
The annual financial statement (AFS), general information sheet (GIS), official email addresses, and mobile phone number amnesty application deadline is being extended by the Securities and Exchange Commission (SEC).
The SEC announced Friday that qualifying businesses have until June 30 to complete their amnesty applications.
Instead of 45 days, applicants have 90 days from the payment date to submit their most recent required financial statements.
The SEC granted the extension through SEC Memorandum Circular No. 6, Series of 2023, which was released on April 25th.
SEC Memorandum Circular No. 2, Series of 2023, started the amnesty program for non-compliant corporations and those whose registration certificates had been suspended or revoked due to their failure to submit their AFS and GIS on time.
The commission’s attempts to encourage the compliance of the entities it supervises with their reporting obligations under Republic Act No. 11232 or the Revised Corporation Code of the Philippines include the amnesty program.
The SEC will then be able to carefully distinguish between active and inactive corporations, improve and organize its digital database for better monitoring and enforcement, and promote a strong and thriving corporate sector due to firms complying with their reportorial responsibilities.
The commission decided it was necessary to give qualified companies more time to take advantage of the amnesty program due to the volume of businesses expressing interest in doing so and the overlap in the deadlines for submitting requirements to the SEC and Bureau of Internal Revenue.
A revised scale of fines and penalties for the mentioned reportorial duties will be enforced after the new deadline of June 30.
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