It said in a statement it would release a new scale of fines and penalties for the late and non-filing reportorial requirements once the amnesty program ended by Sept. 30, 2023.
Registered firms are required to submit general information sheet and annual financial statement annually under the Revised Corporation Code. Under the proposed rates, domestic stock corporations with retained earnings of not more than P100,000 would incur basic penalty of P5,000 for the late filing of GIS or AFS, plus P1,000 for every month of continuing violation.
“With the stricter penalties, we hope corporations will be more mindful of submitting their annual reports on time, as these are vital in ensuring the efficient functioning of the Philippine corporate sector,” SEC chairperson Emilio Aquino said. Aquino said companies’ faithful compliance with the filing of reportorial requirements allows the SEC to manage its corporate database better, purge inactive corporations and protect the public from fraudulent entities.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AEV gets SEC nod to sell P17.45-b bonds to partly support Coca-Cola acquisitionAboitiz Equity Ventures Inc. said Friday it obtained the Securities and Exchange Commission’s approval to issue up to P17.45 billion
Source: MlaStandard - 🏆 20. / 55 Read more »
Cargill Philippines marks first ever win at HR Asia’s Best Companies to work for in Asia 2023 AwardsMANILA – Cargill Philippines is proud to announce its first ever award at the esteemed HR Asia’s Best Companies to Work for in Asia awards, recognizing the company’s exceptional commitment to putting people first and creating a dynamic workplace where employees discover their purpose and make meanin
Source: EdgeDavao - 🏆 23. / 51 Read more »
Comelec: Vote buying no longer 'business as usual'THE Commission on Elections (Comelec) on Friday, September 8, 2023, vowed that it will no longer be 'business as usual' in the October 30 Barangay and Sangguniang Kabataan...
Source: sunstaronline - 🏆 18. / 59 Read more »
‘A Time Called You’ star Ahn Hyo-seop to hold Asia tour in ManilaAdd Ahn Hyo-seop to the list of Korean stars who will be visiting the Philippines in October.
Source: manilabulletin - 🏆 25. / 51 Read more »
8 village poll bets in La Union withdrawCITY of San Fernando, La Union – Eight candidates, including an incumbent barangay chairman, here have withdrawn from the barangay elections in October.
Source: manilabulletin - 🏆 25. / 51 Read more »
Taguig ‘Wonder Kap’ running unopposed in barangay pollsOnly one barangay captain is running unopposed in Taguig City for the October 30 Barangay and Sangguniang Kabataan Elections.Of the
Source: MlaStandard - 🏆 20. / 55 Read more »