Amnesty on penalties for late report submission

Distinct penalties for stock and non-stock corporations based on the type of report and the period covered.
Penalties are scaled by retained earnings for stock corporations and fund balance for non-stock corporations.
Late registration of Stock and Transfer Book or Membership Book has fixed penalties.
Corporations with deficits or capital deficiencies are assessed reduced penalties (50% for deficits in stock corporations, 25% in non-stock corporations).

Sworn statement by president or authorized officer detailing missing or late reports and years covered.
Submission of GIS (1996 to present), ANHM (1996 to present), Financial Statements (1995 to present) if not already submitted.
Affidavit of Non-Operation for applicable years.
Registration of Stock and Transfer Book or Membership Book including payment of registration fees.
Only applications with complete documents will be accepted.

Penalties payable in cash, manager's/cashier's check, or postal money order to the SEC.
Specific submission periods for corporations based on their principal office location, divided into three groups with deadlines from October to December 1998.
Late payments after assigned periods but before December 29, 1998, incur a 20% surcharge.
Amnesty applications can be submitted at the main SEC office or respective SEC extension offices nationwide during the entire submission period.

False statements in the sworn declaration will subject the corporation to standard penalties plus possible criminal prosecution of the affiant officer.

Corporations failing to avail themselves of the amnesty will face the prevailing fines and may be subject to suspension or revocation of their certificate of registration.