Tuesday, July 29, 2008 Tax notes: SEC proposes to revise deadlines for FS filing
THE Securities and Exchange Commission (SEC) has circulated proposed changes to the deadlines for filing of the financial statements (FS) of corporations with fiscal year ending Dec. 31.
The objective is to do away with mass filing of the annual FS on the last day or close to the current single due date.
Currently, the audited FS of ordinary corporations will be filed within 120 calendar days after the end of the fiscal year, as specified in the by-laws.
The proposed deadlines for corporations whose fiscal year ends on Dec. 31, 2008 are staggered based on the last numerical digit of their SEC registration number as follows:
April 6 – April 10 : “1” and “2”
April 13 – April 17 : “3” and “4”
April 20 – April 24 : “5” and “6”
April 27 – May 1 : “7” and “8”
May 4 – May 8 : “9” and “0”
Companies, whose deadlines are earlier than April 15 deadline for the filing of the annual income tax return (ITR), should be prepared to file their ITR early since the SEC requires FS that are duly received and stamped by the Bureau of Internal Revenue.
On the other hand, companies whose fiscal year ends on a date other than Dec. 31 shall comply with their original filing schedule. (Source: Punongbayan & Araullo)
