Daily Tribune‘Corporations that have incurred penalties for late and non-filing of their annual financial statements, general information sheets, and official contact details will have until 6 November to file their amnesty applications.’
The Securities and Exchange Commission has granted a final one-month extension for amnesty applications of non-compliant and suspended or revoked corporations, before it implements a new scale of fines and penalties.
Corporations, which have incurred penalties for the late and non-filing of their annual financial statements, general information sheets, and official contact details will have until 6 November to file their amnesty applications, per SEC Memorandum Circular No. 17, Series of 2023.
Corporations may avail of amnesty by accepting the web-based Expression of Interest form on their SEC Electronic Filing and Submission Tool accounts.
Submission through eFAST
Corporations, which will have successfully filed their amnesty applications by 6 November, must then submit the complete set of amnesty requirements through eFAST by 4 December.
For non-compliant corporations, their latest due GIS and AFS must be uploaded and submitted on eFAST before 4 December. Suspended and revoked corporations must submit their respective petitions to lift their suspension or revocation on eFAST, along with their latest GIS and AFS, within the same period.
For suspended and revoked corporations, additional requirements such as copies of their certificates of incorporation, latest mayor's or business permits, and certificates of registration with the Bureau of Internal Revenue must be submitted to the SEC Company Registration and Monitoring Department or to the nearest SEC Extension Office initially through email by 4 December.
If applicant fails to submit on time
Should an applicant fail to submit the complete set of requirements by 4 December, the amnesty fee paid, as well as the P3,060 petition fee initially collected from suspended/revoked corporations, shall be forfeited in favor of the SEC.
"The final extension of the amnesty period is a compassionate allowance granted by the SEC to corporations who repeatedly fail to comply with their reportorial requirements," SEC chairperson Emilio B. Aquino said.
"More than 54,000 corporations have already availed of the amnesty since we launched this program in March. We encourage more companies to take this opportunity to avoid higher fines and penalties once new guidelines are released in November," he added.
