The Securities and Exchange Commission (SEC) has further extended the deadline for amnesty applications of non-compliant and suspended or revoked corporations, which have not submitted or have belatedly filed their audited financial statements, general information sheets, and required contact information.
With the publication of SEC Memorandum Circular 17, series of 2023, the SEC has allowed the corporations to grab the opportunity for reduced fines and for the SEC to have more time to assess and evaluate the amnesty applications until Nov. 6, 2023. In line with this extension, the SEC has also resolved to issue the following set of guidelines:
Amnesty microsite
All applicants are referred to the SEC amnesty microsite (https://amnesty.sec.gov.ph/) to guide the applicants through the process and to provide the public with updated information and relevant materials, including answers to frequently asked questions, regarding the amnesty program.
Procedure
Filing of amnesty application. The SEC shall continue to accept an Expression of Interest (EOI) to avail of the amnesty from eligible corporations until Nov. 6, 2023, through the Electronic Filing and Submission Tool (eFast).
Submission of reportorial requirements.Non-compliant corporations which shall have uploaded and submitted the correct reportorial requirements within the submission period or until Dec. 4, 2023, shall be considered to have completed the amnesty application process and may, thus, be entitled to a Confirmation of Payment (COP), which shall be downloadable via eFast.
Forfeiture of amnesty fees. Should an applicant-corporation fail to submit the complete set of requirements within the prescribed periods, the amnesty fee of P5,000 for non-compliant corporations and 50 percent of the total assessed penalties for suspended or revoked corporations, as well as the initial petition fee of P3,060 applicable to suspended/revoked corporations, shall be forfeited.
Refund of overpayment. Refund of the amnesty fee for non-compliant corporations shall not be accommodated, except in highly meritorious cases, subject to existing accounting and auditing rules and regulations.
Amnesty extension period
Corporations are given only until Nov. 6, 2023, the final extended deadline of the amnesty program, to signify their intent to apply for amnesty and settle corresponding amnesty fees. The period from Nov. 7, 2023, to Dec. 4, 2023, will be exclusively designated for the submission of supporting reportorial documents for all applications. Failure to adhere to this submission timeline will result in the forfeiture of paid amnesty or filing fees in favor of the SEC. By foregoing amnesty extension, the updated scale of fines and penalties for the covered reportorial requirements shall be implemented on Nov. 7, 2023.
Please be guided accordingly.
Source:
P&A Grant Thornton
Certified Public Accountants