Tax Notes

Extended deadlines and guidelines for submitting AFS and GIS

The Securities and Exchange Commission (SEC) issued Memorandum Circular (MC) No. 18, Series of 2020, to guide corporations in filing their 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 depending on the last digit of their SEC registration or license number, under the following schedule for the 2020 filing period:

June 29-30, July 1-10        1 and 2

July 13-17                          3 and 4

July 20-24                          5 and 6

July 27-30                          7 and 8

August 3-7                         9 and 0

SEC MC No. 18, however, excludes publicly listed companies, issuers of registered securities, investment companies, issuers of proprietary and non-proprietary shares/timeshares and public companies. The deadline for these entities shall still be on June 30, 2020, according to SEC MC No. 5.

Corporations may opt to file their annual AFS on or before the first day stated in the coding schedule, regardless of the last digit of their registration or license number. Late filings shall be accepted beginning August 10, 2020 subject to prescribed penalties.

Before submitting the annual AFS, corporations should ensure that they comply with all the necessary components and attachments. Otherwise, noncompliance shall be considered sufficient grounds for the SEC to impose penalties. The basic requirements include, among others, the AFS stamped as “Received” by the Bureau of Internal Revenue or its authorized agent bank and/or other pertinent matters promulgated under Securities Regulation Code 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:

a. Stock corporations – date of actual stockholders’ meeting

b. Non-stock corporations – date of actual annual members’ meeting

c. Foreign corporations – anniversary date of issuance of SEC license

Corporations may submit their AFS and GIS through SEC Express Nationwide Submission (SENS) or courier/postal mail. The date for mailing reports, as shown by the registry receipt of the courier or the date of receipt by PhilPost, shall be considered the reckoning date of submission.

Please be guided accordingly.

 

Source: 

P&A Grant Thornton 

Certified Public Accountants 

P&A Grant Thornton is the Philippine member firm of Grant Thornton International Ltd.

 

As published in SunStar Cebu, dated 03 June 2020