Penalties for Non-Submission or Late 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).
Required Documents for Amnesty Application
- 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.
Payment and Submission Schedule
- 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.
Misrepresentation and Legal Consequences
- False statements in the sworn declaration will subject the corporation to standard penalties plus possible criminal prosecution of the affiant officer.
Consequences of Non-Compliance
- 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.
Effectivity
- The circular takes effect immediately upon issuance on September 14, 1998.