Tax Alert No. 29 [SEC Memorandum Circular (MC) No. 17-2023]

Extension of amnesty applications until 6 November 2023

The Securities and Exchange Commission (SEC) has issued Memorandum Circular (MC) No. 17-2023 which extends the amnesty program until 6 November 2023.

Under the MC, eligible corporations are given until 6 November 2023 to signify their intent to apply for amnesty and settle the corresponding amnesty fees through the SEC Electronic Filing and Submission Tool (eFAST).

Amnesty applicants must also upload and submit the supporting reportorial documents, i.e., latest due General Information Sheet, Audited Financial Statements, and the Petition to Lift Order of Suspension/Revocation for revoked and suspended corporations, from 7 November 2023 to 4 December 2023. Failure to submit the supporting documents within this period shall warrant the forfeiture of the amnesty/filing fees in favor of the SEC.

Amnesty applicants that uploaded and submitted the correct reportorial requirements until 4 December 2023, shall be considered to have completed the amnesty application process.

Kindly note that the SEC will implement the updated scale of fines and penalties starting 7 November 2023.

Please be guided accordingly.

For any inquiry or request for assistance, please feel free to contact anyone from our Tax Services group. You may also reach us through this link.