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Tax Notes

2019 filing of AFS and GIS

In line with filing annual reports this year, the Securities and Exchange Commission (SEC) issued Memorandum Circular No. 01, Series of 2019 on filing the annual audited financial statements (AFS) and general information sheet (GIS).


For the submission of the AFS, all corporations—including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations—shall file the AFS depending on the last digit of their SEC registration or license number, in accordance with the following schedule for the 2019 filing period:


April 22–26                             1 and 2

April 29–30, May 2–3              3 and 4

May 6–10                                5 and 6

May 20–24                              7 and 8

May 27–31                               9 and 0


Corporations may opt to file their AFS on or before the first day stated in the coding schedule above, regardless of the last digit of their registration or license number.


Before submitting the AFS, corporations should ensure that they comply with all the basic components and attachments. Otherwise, non-compliance shall be considered sufficient grounds for the imposition of penalties by the SEC. Basic requirements include, among others, the AFS being stamped as “Received” by the Bureau of Internal Revenue (BIR) or its authorized agent bank and/or other pertinent matters promulgated under Securities Regulation Code (SRC) Rule 68, as amended.


For the submission of the GIS, on the other hand, corporations shall file their GIS within 30 calendar days from the following events:


  1. Stock corporations – date of actual stockholders’ meeting
  2. Non-stock corporations – date of actual annual members’ meeting
  3. Foreign corporations – anniversary date of issuance of SEC license


Please be guided accordingly.


As published in SunStar Cebu, dated 22 January 2019