Tax BlogLate Filing Amnesty for Audited Financial Statement & General Information Sheet

November 14, 2023

The Securities and Exchange Commission (SEC) has announced a final extension for non-compliant, suspended, or revoked corporations to take advantage of reduced fines and penalties. This opportunity allows these entities to submit their amnesty applications until December 31, 2023, following the issuance of SEC Memorandum Circular No. 20, Series of 2023, on November 3.

Under this extension, corporations facing penalties due to late or non-filing of their General Information Sheet (GIS), Annual Financial Statements (AFS), or official contact details can benefit from reduced penalties in line with Republic Act No. 11232, also known as the Revised Corporation Code (RCC). This amnesty program serves as a chance for eligible corporations to rectify their compliance issues and settle outstanding fees within the specified timeframe.

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