The Securities and Exchange Commission has again extended its amnesty program giving non-compliant and suspended or revoked corporations one more chance to avail of lower fines and penalties.
The SEC on Friday, 3 November, issued Memorandum Circular 20 – 2023 extending the deadline for corporations to file their amnesty application and settle their amnesty fee to 31 December 2023.
Corporations penalized for late or non-filing of their general information sheet, annual financial statements and official contact details are allowed a reduction in penalties as provided under Republic Act 11232 or the Revised Corporation Code.
Corporations 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 are accepted until 31 January 2024 so long as the company has filed its expression of interest before 31 December 2023.
Non-compliant corporations must upload and submit their latest due GIS and AFS on eFAST before 31 January 2024.
Corporations with suspended or revoked franchises must submit their petitions to lift the suspension or revocation on eFAST along with their latest GIS and AFS within the same period.
Additional requirements such as copies of 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 31 January 2024.
Paid amnesty fees and the P3,060 petition fee initially collected from penalized corporations are forfeited in favor of the SEC for those who fail to submit the complete set of requirements by 31 January 2024, the SEC said.
