The Securities and Exchange Commission (SEC) has again extended the deadline for the filing of amnesty applications until the end of 2023, giving non-compliant and suspended or revoked corporations another chance to avail of lower fines and penalties.
The agency on November 3 issued SEC Memorandum Circular No. 20, Series of 2023, which extended the deadline for corporations to file their amnesty application and settle the amnesty fees to December 31.
The amnesty program provides corporations, which have incurred penalties for the late and non-filing of their general information sheet (GIS), annual financial statements (AFS) and official contact details, a reduction on penalties for non-compliance with their reportorial requirements, as provided under Republic Act 11232, or the Revised Corporation Code.
Corporations may avail of amnesty by accepting the web-based Expression of Interest form on their SEC Electronic Filing and Submission Tool (eFAST) accounts. Submission of all other requirements will be accepted until January 31, 2024, so long as the company has filed its expression of interest before December 31.
Non-compliant corporations must also upload and submit their latest due GIS and AFS on eFAST before January 31, 2024. 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 January 31, 2024.
Should an applicant fail to submit the complete set of requirements by January 31, 2024, the amnesty fee paid, as well as the P3,060 petition fee initially collected from suspended/revoked corporation, will be forfeited in favor of the SEC.
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