Accounting Alerts

SEC MC No. 20, series of 2023 Final Extension of Amnesty Applications until 31 December 2023

This Accounting Alert is issued to circulate Securities and Exchange Commission (SEC) Memorandum Circular (MC) No. 20-2023 dated November 6, 2023. 

The SEC extends for the FINAL TIME the deadline for amnesty applications until December 31, 2023 and amends previous memorandum circulars for the purpose. 

PROCEDURES

A. Filing of Amnesty Application - The Commission shall continue to accept an Expression of Interest (EOI), a web-based form integrated in the amnesty application in eFAST, to avail of the amnesty until December 31, 2023 through eFAST. 

B. Submission of Reportorial Requirements - Non-compliant corporations and corporations whose Certificates of Incorporation have been suspended or revoked shall upload and submit their AFS, General Information Sheet (GIS) until January 31, 2024. In addition to the AFS and GIS, corporations whose Certificates of Incorporation have been suspended or revoked shall also upload and submit their respective Petition to Lift Order (PLO) of Suspension/Revocation via eFAST.

C. Forfeiture of Amnesty Fees - Should an applicant-corporation fail to submit the complete set of requirements within the prescribed periods, as indicated in the preceding paragraphs, 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. 

D. 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 only have until December 31, 2023 to signify their intent to apply for amnesty and settle corresponding amnesty fees. 

The subsequent period starting from January 1 to January 31 , 2024 shall only be dedicated to the submission of amnesty requirements and supporting documents to the PLO 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. 

Thereafter, an updated scale of fines and penalties for the covered reportorial requirements shall be effective on 01 January 2024.

 

See attached Memorandum Circular for further details.