Final extension of amnesty applications until Dec. 31, 2023

P&A Grant Thornton - Certified Public Accountants
Business.
Business.(Business File photo)

SEC Memorandum Circular No. 20-2023 has been released by the Securities and Exchange Commission (SEC). The following points should be noted in conjunction with this issuance:

a. Filing of amnesty application can be availed of until Dec. 31, 2023 through eFAST.

b. Corporations with suspended or revoked Certificates of Incorporation must submit their Audited Financial Statement (AFS), General Information Sheet (GIS), and Petition to Lift Order (PLO) of Suspension/Revocation via eFAST before Jan. 31, 2024.

c. Corporations whose Certificates of Incorporation have been suspended or revoked must first submit digital copies of the supplementary papers via email to the SEC Company Registration and Monitoring Department or the nearest SEC extension office.

d. For corporations that fail to submit the entire set of requirements, the following amnesty fees will be forfeited: (1) P5,000 amnesty fee and 50 percent of total penalties for suspended/revoked corporations, and (2) P3,060 initial petition charge.

e. Except in extremely meritorious circumstances, refunds of amnesty fees for non-compliant firms will be revoked.

Non-compliant corporations and other corporations with violations are encouraged to file an application, as the SEC will be integrating an updated scale of fines and penalties on Jan. 1, 2024.

Please be guided accordingly.

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