Tax Notes: Non-imposition of SEC fines and other monetary penalties

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THE Securities and Exchange Commission (SEC) issued SEC Memorandum Circular (MC) 31-2020 to forego the imposition of fines and other monetary penalties for non-filing, late filing, and failure to comply with compulsory notification and other reportorial requirements, to align with the Bayanihan Act 2.

Non-filing and late filing of General Information Sheet and Audited Financial Statements, including other reportorial requirements that SEC may require, and non-compliance with compulsory notification that fall due from Sept. 14, 2020 until Dec. 19, 2020 shall have no imposition of fines and other monetary penalties.

SEC MC 31-2020 shall also apply to all foreign corporations, except on matters pertaining to securities deposits and change of resident agent, which are governed under SEC MC 24-2020.

Accordingly, all other violations that are incurred outside the covered period of Sept. 14, 2020 until Dec. 19, 2020 will result in the imposition of fines and penalties.

Please be guided accordingly.

Source:

P&A Grant Thornton

Certified Public Accountants