As we get deeper on the glorified season of any company when it comes to its compliance with government agencies, Audit of Financial Statements and Annual Income Tax Filing and Submission, the Securities and Exchange Commission (SEC) had released a schedule on the submission of company’s Audited Financial Statements (AFS) in order to maintain an organized and orderly filing.
Based on the SEC Memorandum Circular No. 2 Series of 2020 issued by SEC dated January 21, 2020, the following is the schedule of submission of the Audited Financial Statements (AFS).
April 20,21,22,23,24 : 1 and 2
April 27,28,29,30 : 3 and 4
May 4,5,6,7,8 : 5 and 6
May 11,12,13,14,15 : 7 and 8
May 18,19,20,21,22 : 9 and 0
However any corporation may file on or before its respective filing dates. It is also important to note that financial statements, other than the consolidated financial statements shall have the stamped received by the Bureau of Internal Revenue or its authorized banks.
Failure to submit the AFS on time will result on the imposition of penalties based on the total assets of the company ranging from PHP 500 – PHP 5,000 for the first offense, second offense will be computed at total fine plus 10% of total fines computed and for third offense computed at total fines plus 15% of the total fine computed.
