THE Securities and Exchange Commission (SEC) on Tuesday renewed calls to noncompliant, suspended or revoked corporations to avail of an amnesty program before the year ends.
“[Availment] of the amnesty entitles noncompliant corporations to pay a fixed amnesty rate of P5,000, regardless of the number of reports and number of years they failed to submit their reports,” the SEC said.
“Meanwhile, suspended and revoked corporations shall pay only 50 percent of their total assessed fines, on top of a P3,060 petition fee,” it noted.
Companies must signify their interest by answering a web-based form using their respective SEC Electronic Filing and Submission Tool (eFAST) accounts and pay the amnesty fee. Eligible firms should then submit their latest general information sheets (GIS) and annual financial statements (AFS) on eFAST.
Suspended and revoked corporations, meanwhile, must file petitions to lift their suspensions or registration revocations, along with their GIS and AFS. Requirements must be submitted on or before Jan. 31, 2024, the SEC said.
The corporate watchdog also mandated suspended and revoked firms to submit, via email, copies of their certificates of registration with the Bureau of Internal Revenue by January 31 next year.
“Failure to avail of the amnesty will subject noncompliant and suspended or revoked corporations to a new scale of fines that will be implemented starting January 1, 2024,” the SEC warned.
The commission reiterated that it would strictly penalize noncompliant and inactive companies in accordance with the Revised Corporation Code “once the new scale of fines are implemented.”
The amnesty program, which allows noncompliant and suspended or revoked corporations to pay a reduced penalty for late and non-filing of their reportorial requirements, was launched in March this year.
It had an original deadline of April 30 but was then extended four times — first to June, then September, further to November and finally the end of the year.
