Tax Alert No. 31 [SEC Memorandum Circular (MC) No. 20-2023]

Final Extension of Amnesty Applications until 31 December 2023

The Securities and Exchange Commission (SEC) has issued Memorandum Circular (MC) No. 20-2023, which further extends the amnesty program until 31 December 2023.

Under the MC, eligible corporations are given until 31 December 2023 to signify their intent to apply for amnesty and settle the corresponding amnesty fees through the SEC Electronic Filing and Submission Tool (eFAST).

All supporting reportorial documents, i.e., latest due General Information Sheet, Audited Financial Statements, Petition to Lift Order of Suspension/Revocation for revoked and suspended corporations, and other supporting documents must be submitted from 1 January 2024 to 31 January 2024. Failure to submit the said documents within this period shall warrant the forfeiture of the paid amnesty or filing fees in favor of the SEC.

Amnesty applicants that uploaded and submitted the correct reportorial requirements until 31 January 2024 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 1 January 2024.

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.