Accounting Alerts

SEC MC No. 17-2023: Extension of Amnesty Applications until 06 November 2023

This Accounting Alert is issued to circulate Securities and Exchange Commission (SEC) Memorandum Circular (MC) No. 17-2023 dated September 29, 2023.

The Securities and Exchange Commission further extends the deadline for amnesty applications until November 06, 2023, and amends previous memorandum circulars (i.e. SEC MC No. 2-2023, SEC MC No. 6-2023, and SEC MC No. 9-2023) for the purpose. Accordingly, the Commission also resolves to provide the following guidelines:

Amnesty Microsite

All applicants are referred to the SEC Amnesty Microsite to guide the applicants through the process and to provide the public with updated information and relevant materials regarding the amnesty program.

Procedure

  1. Filing of Amnesty Application. The Commission shall continue to accept an Expression of Interest (EOI) to avail of the amnesty from eligible corporations, until 06 November 2023 through eFAST.
  2. Submission of Reportorial Requirements. Non-compliant corporations which shall have uploaded and submitted the correct reportorial requirements within the submission period or until 04 December 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.
  3. Forfeiture of Amnesty Fees. Should an applicant-corporation fail to submit the complete set of requirements within the prescribed periods, the amnesty fee of Php5,000.00 for non-compliant corporations and 50% of the total assessed penalties for suspended/revoked corporations, as well as the initial petition fee of Php3,060.00 applicable to suspended/revoked corporations, shall be forfeited.
  4. 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 06 November 2023 to signify their intent to apply for amnesty and settle corresponding amnesty fees. The period from 07 November 2023 to 04 December 2023 shall only be dedicated to the submission of supporting reportorial documents for all applications. Failure to comply within the submission period shall warrant the forfeiture of the paid amnesty or filing fees in favor of the Commission. In view of the foregoing amnesty extension, the updated scale of fines and penalties for the covered reportorial requirements shall be implemented on 07 November 2023.

 

See attached Memorandum Circular for further details.