News & Updates

SEC issues guidelines on the extension of the deadline for submission of 2020 Annual Reports and/or Audited Financial Statements of companies with fiscal year ending 31 January 2020 to 30 April 2020, including applicable quarterly reports.

The Securities and Exchange Commission issued SEC Memorandum Circular N0. 17 Series of 2020, dated 07 May 2020, providing an extension of the deadline for submission of 2020 Annual Reports and/or Audited Financial Statements of companies with fiscal year ending 31 January 2020 to 30 April 2020, including applicable quarterly reports. This inline with the Office of the President’s declaration of state of public emergency and Bayanihan to Heal as One Act.
Extension of Deadlines for Annual Reports:
1. Companies with fiscal years ending 31 January 2020 to 31 March 2020 are given 60 calendar days extension from the regular filing dates.

SEC issues guidelines on authentication of Articles of Incorporation in applications for registration of new domestic corporations.

The Securities and Exchange Commission issued SEC Memorandum Circular No. 16 Series of 2020 dated April 29, 2020 providing for guidelines on authentication of articles of incorporation in applications for registration of new domestic corporations.

This SEC circular removed the requirement that Articles of Incorporation executed by the incorporators for submission to the SEC must be notarized. Under the new rules, the notarization is substituted by execution of the SEC prescribed format of Certificate of Authentication.

DTI issues Guidelines on the Concessions on Residential Rents, and Commercial Rents of MSMEs.

The Department of Trade and Industry (DTI) issued Memorandum Circular No. 20-12 dated 04 April 2020 setting forth the concessions on residential rents, pursuant to Section 4 (aa) of Republic Act No. 11469 or the Bayanihan to Heal As One Act, as well as on commercial rents for Micro, Small and Medium Enterprises (MSMEs), pursuant to the Inter-Agency Task Force for the Management of Emerging Infectious Diseases Resolution No. 18, Series of 2020.

SEC Issues a Memorandum Circular governing rules on the required shareholders' approval on the sale of corporate assets of publicly-listed companies.

The Securities and Exchange Commission issued SEC Memorandum Circular No. 12 Series of 2020 dated April 07, 2020, providing for the rules on the required shareholders’ approval on the sale of corporate assets of publicly-listed companies.
What is the purpose of the issuance:
To promote good corporate governance and the protection of minority investors.

BIR Issues a Memorandum Circular to address the concerns of the taxpayers relative to the filing of tax returns and payment of taxes before the extended deadline.

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 37-2020 to address the concerns of taxpayers relative to the filing of tax returns and payment of taxes before the extended deadline, as provided in the prior BIR issuances, with the following guidelines:
1. Taxpayers who file their tax returns within the original deadline or prior to the extended deadline can amend their tax returns at any time on or before the extended due date.

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