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Philippines – Amnesty for non-filing and late filing of the General Information Sheet (GIS) and Audited Financial Statements (AFS)
The Philippines’s Securities and Exchange Commission (SEC) has launched a new and final extension of amnesty applications for late and non-reporting of:
- Annual Financial Statements
- General Information Sheets
- Non-compliance with SEC Memorandum Circular No. 28, Series of 2020
Businesses have the chance to reduce the fines and penalties incurred for non-submission of their reportorial requirements.
To qualify, a duly authorized representative or resident agent of the corporation shall file an Online Expression of Interest Form (“EOI”) via the Electronic Filing and Submission Tool (eFAST).
Companies have until the 31st of January 2024 to upload and submit amnesty requirements and supporting documentation.
The risk of non-compliance
Failure to comply within the submission period may warrant the forfeiture of the paid amnesty or filing fees in favor of the Commission.
Failure to apply for the amnesty may be subject to imposing existing scale of fines and penalties according to the local regulation.