CORPORATIONS in Cagayan de Oro City have been urged by the Business Permits and Licensing Division to take advantage of the current Amnesty Program offered by the Securities and Exchange Commission (SEC) until September 30, 2023.
This program, as disclosed by the city mayor's office chief of staff Sheila Lumbatan, aims to clean the records of corporations and settle penalties due to their failure to submit necessary documents annually, such as the General Information Sheet (GIS) and the Annual Financial Statement (AFS).
According to the SEC, Lumbatan said several corporations in Cagayan de Oro City are non-compliant in submitting these required documents, leading to the imposition of fines and penalties.
"The primary goal of the amnesty program is to provide an opportunity for these corporations to rectify their non-compliance and ensure that their records are in order," Lumbatan explained.
Under the SEC's amnesty program, non-compliant corporations will only be required to pay a reduced penalty of P5,000 for non-filing or late filing.
Additionally, suspended or revoked corporations will have to pay only 50% of the assessed fines.
"This program offers substantial relief to corporations and encourages them to rectify their compliance issues and settle their outstanding penalties," said Lumbatan.
The Amnesty Program is a time-limited opportunity that offers several benefits to corporations, according to Lumbatan.
She added that aside from the reduction in penalties, participating corporations will be able to clean their records and bring them up to date, ensuring transparency and accountability.
"This initiative aligns with the city's objective to promote good governance and adherence to regulatory requirements," Lumbatan stressed.
The City Mayor's Office and the Business Permits and Licensing Division are actively supporting and encouraging corporations in Cagayan de Oro City to take advantage of this amnesty program.
They recognize the importance of fostering a business environment that upholds compliance, transparency, and accountability.
Lumbatan also stressed that by participating in this program, corporations can rectify their past non-compliance issues and operate with a clean slate, contributing to the overall growth and prosperity of the city.
The Amnesty Program provides a valuable opportunity for corporations in Cagayan de Oro City to address their non-compliance issues and settle outstanding penalties.
"By availing themselves of this program, corporations can ensure that their records are in order," Lumbatan said adding that contributes to a business environment that values integrity and adherence to regulatory requirements.
The deadline of September 30, 2023, provides ample time for corporations to rectify their compliance shortcomings and benefit from the reduced penalties offered.
