Tax Alert No. 10 [SEC Memorandum Circular (MC) No. 2-2023]

Grant of Amnesty for Non-filing and Late Filing of the General Information Sheet and Annual Financial Statements, and Non-compliance with MC No. 28-2020

The Securities and Exchange Commission (SEC) has issued MC No. 2-2023 regarding the grant of amnesty on all fines and penalties that may be imposed on corporations. The amnesty shall cover fines and penalties (that have not yet been assessed and/or uncollected) with respect to late or non-filing of (a) General Information Sheet (GIS), (b) Audited Financial Statements (AFS), and (c) SEC MC No. 28-2020. 

Active, suspended and revoked corporations may avail of the amnesty, except for those with securities registered- whether or not listed on the Philippine Stock Exchange (PSE); public companies; with intra-corporate dispute; with disputed GIS; and other corporations under Section 17.2 of Republic Act No. 8799 or the Securities Regulation Code.

Below are the amnesty rates: 

• For active corporations: 

For the above rates to apply, the corporation must submit a) the latest reportorial requirements due at the time of the application for amnesty and b) comply with SEC MC 28-2020 though MC28 Submission Portal. 

• For suspended and revoked corporations: 

Note that the lifting of the order of revocation/suspension should be separately processed after the amnesty is availed. 

Interested companies may apply and pay the amnesty on or before 30 April 2023 by filing an Online Expression of Interest Form with other supporting documents via the Electronic Filing and Submission Tool (eFast). Upon full compliance and payment, a confirmation of payment shall be issued to the corporation.