THE SECURITIES and Exchange Commission (SEC) is extending the deadline for amnesty applications of corporations to June 30.
As per SEC Memorandum Circular No. 6, Series of 2023, the extension applies to applications for amnesty for late and non-filing of annual financial statements (AFS), general information sheets (GIS), and official email addresses and mobile phone numbers.
Moreover, eligible corporations now have 90 days from the date of payment to comply with the complete and correct set of requirements. The extension is automatically applied without needing a request from covered corporations.
After the extended deadline of June 30, an updated scale of fines and penalties for the covered reportorial requirements shall be implemented.
Non-compliance with the SEC’s requirements will be considered a waiver to proceed with the amnesty process, and any payment made shall be forfeited in favor of the Commission.
The extension was imposed due to the number of companies expressing interest in availing of the amnesty program and the overlap in the deadlines for submitting similar requirements to the Bureau of Internal Revenue and SEC.
The amnesty program was launched by SEC through Memorandum Circular No. 2 for domestic and foreign corporations and other regulated entities that are non-compliant, as well as those whose certificates of registration have been suspended or revoked, for their failure to submit their AFS and GIS on time.
The program aims to identify active and inactive corporations, enhance and organize the Commission’s digital database as part of e-governance for better monitoring and enforcement, and cultivate a healthy and vibrant corporate sector.
The program excludes public corporations, corporations whose securities are registered on the Philippine Stock Exchange, corporations with intra-corporate disputes, corporations with disputed GIS, and other corporations covered by Sec. 17.2 of the Securities Regulation Code.
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