The Securities and Exchange Commission (SEC) has granted an extension to eligible companies seeking amnesty for the late or non-filing of their annual financial statements (AFS), general information sheets (GIS), and official email addresses and mobile phone numbers.
The amnesty program was introduced in March to encourage noncompliant corporations to comply with reportorial requirements under the Revised Corporation Code of the Philippines.
The SEC has extended the deadline for amnesty applications until June 30, and applicants now have 90 days from the payment date instead of the previous 45 days to submit their latest financial statements.
The decision to extend the deadline was prompted by the significant interest from companies and the overlapping submission deadlines for similar requirements to the Bureau of Internal Revenue and the SEC.
After June 30, an updated scale of fines and penalties for covered reportorial requirements will be implemented.
