Companies face higher fines for late, non-filing of reports in October

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.

Indonesia Berita Terbaru, Indonesia Berita utama

Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.

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
Sumber: MlaStandard - 🏆 20. / 55 Baca lebih lajut »

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
Sumber: EdgeDavao - 🏆 23. / 51 Baca lebih lajut »

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...
Sumber: sunstaronline - 🏆 18. / 59 Baca lebih lajut »