Special InTAX: March 2020 Issue 3 | Volume 9

Securities and Exchange Commission

 

The Securities and Exchange Commission (“SEC”) issued the following:

SEC Memorandum Circular (MC) No.10 series of 2020 dated 20 March 2020 provides that the SEC will accept electronic copies of the GIS, AFS, and all other general and special forms and letters, submitted through email to the email addresses to be specified by the SEC.

These e-copies must meet the following specifications: 

1. Should be in PDF format, preferably with text layer;

2. Sent as Multipurpose Internet Mail Extensions (MIME) attachments to an email from a valid company email account or address of an authorized representative;

3. Contains an electronic signature as defined in the E-Commerce Act of 2000;

4. Those documents which are required to be executed and submitted under oath may be submitted unnotarized. However, the email should contain a statement declaring the authenticity of the submitted documents and a commitment to submit physical versions of the exact same documents once the state of public health emergency is lifted. This should include the full name, corporate address and mobile number of the authorized representative making the submission. The signatories shall be held accountable under the appropriate provisions of the Revised Corporation Code.

The sender should request for a Return Receipt and a Delivery Status Notification.

The SEC shall still require physical copies of the required reportorial submissions and shall set and announce a specific date for submission of the duly notarized hard copies of the documents after the state of public health emergency is lifted.

SEC Notice dated 18 March 2020 relaxes the requirements for requests for extension in the filing of annual reports and/or audited financial statements.

In light of the implementation of an enhanced community quarantine for the entire Luzon due to the COVID-19, the Commission En Banc is dispensing with the sworn certification requirements both for publicly listed and non-publicly listed companies, as provided in SEC MC No. 5, Series of 2020.

The Commission En Banc further resolved to grant the extension in the filing of Annual Reports and/or Audited Financial Statements to companies with fiscal years ending 30 November 2019.

 

Attached are the full texts of the issuances.

2020MCNo10

2020Notice_Notice-on-MC-No-5-series-of-2020

 

_{The materials contained in InTAX were compiled by R.G. Manabat & Co. from various sources. The subjects are discussed in brief/general terms and are intended to provide an overview of the recent and relevant developments relating to Philippine tax laws and various government regulations. This information is for guidance only and should not be regarded as a substitute for appropriate professional advice.}

_{R.G. Manabat & Co. accepts no liability with regard to the information the firm has provided or any action that may be taken by readers of InTAX. The information contained herein is updated until the date of publication.}

_{For any queries, you may contact any member of the InTAX Editorial Board or send your questions to ph-inquiry@kpmg.com.}