The Securities and Exchange Commission asked companies and associations that incurred penalties due to the late or non-filing of annual
“The SEC Amnesty Program is a chance for corporations and associations to get a fresh start in their compliance with reportorial requirements, so they continue to enjoy the benefits and privileges of being a registered corporation,” SEC chairperson Emilio Aquino said.
The amnesty, which comes in the form of a waiver or reduction of fees, is part of the SEC’s efforts to encourage its regulated entities to comply with their reportorial requirements under Republic Act No. 11232, or the Revised Corporation Code. Under the proposed guidelines, the late filing of reportorial requirements by domestic stock and non-stock corporations with retained earnings of less than P100,000 will incur fines at a base amount of P5,000 for the first offence, which will increase to P9,000 for the fifth offence. There will also be a P1,000 monthly fine for every month of the continuing violation.
Stock corporations with retained earnings of up to P100,000 are fined P1,000 per year, while non-stock corporations are fined P500 for non-filing of reports. Fines for late filing are equivalent to 50 percent of the aforementioned rate.
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