TRUMP TO RALLY AT SITE OF DEADLY SEC RESETS AMNESTY DEADLINE

By

Jenniffer B. Austria

THE Securities and Exchange Commission (SEC) has extended anew the deadline for amnesty applications for late and non-filing of annual financial statements, general information sheets and official contact details.

The deadline for all amnesty applications was reset to Sept. 30, as provided by SEC Memorandum Circular No. 9 issued on June 30. SECchairmanEmilioAquinosaidtheagency was overwhelmed with amnesty applications. He said they were giving eligible companies two more months to comply with the requirements before higher penalties are imposed by Oct. 1. Aquino said of the 600,000 SEC registered companies, only 240,000 were complying with the reportorial requirements while 360,000 were tagged as erring companies. The extension of amnesty program was also meant to provide opportunity for small and medium enterprises that were suspended for not filing regulatory requirements to comply.

Meanwhile, the SEC said it was also streamlining amnesty applications by adopting a Unified Amnesty Application Form, a web-based form available on the Electronic Filing and Submission Tool that will allow eligible companies to express their concurrence and/or consent to certain conditions of the amnesty process. The modified application form replaces the notarized Expression of Interest Form and Amnesty Application Form previously required by the SEC.

The SEC launched the grant of amnesty program for non-compliant and suspended or revoked corporations last March as part of its initiative to encourage regulated entities to comply with the reportorial requirements set under Republic Act No. 11232, or the Revised Corporation Code.

The BIR identified an additional 100 taxpayers for this year’s roll-out, which would cover not just the large taxpayers but also those engaged in the export of goods and services as well as e-commerce.

The agency identified an additional 500 taxpayers for inclusion in the pilot by the fourth quarter, Oporto said in a webinar held by the American Chamber of Commerce of the Philippines.

EIS is an electronic platform developed by the BIR with the capability to receive, process and store data from taxpayers.

The legal bases for EIS implementation are Section 237 (issuance of receipts or sales or commercial invoices) and Section 237-A (electronic sales reporting system) of the Tax Reform for Acceleration and Inclusion Law or Republic Act No. 10963. The BIR issued last year Revenue Regulations (RR) No. 8-2022 on the policies and guidelines for the use of EIS and RR 9-2022 on the admissibility of sales documents in electronic format. Julito G. Rada

In Brief

Hollywood Actors Extend Contract Talks

LOS ANGELES—The union representing 160,000 actors and performers on Friday agreed to extend contract negotiations with Hollywood studios, staving off a potentially crippling strike until at least July 12.

The Screen Actors Guild has been locked in lengthy negotiations with the likes of Netflix and Disney, but as a midnight deadline loomed, both sides announced they would continue to negotiate.

The current contract has been extended until July 12 at midnight Los Angeles time, SAG-AFTRA said in a statement, adding that a media blackout on the negotiations would remain in effect.

Fears had mounted that the actors would join writers on the picket line, a “double strike” not seen in more than 60 years, and which would bring nearly all US film and television productions to a halt.

SAG-AFTRA’s members— from A-listers to extras—have pre-approved industrial action if negotiators cannot reach a deal. AFP