SEC extends deadline for submission of 2020 annual reports

THE SECURITIES and Exchange Commission (SEC) has extended the deadline for 2020 annual reports by a month.

In a memorandum circular uploaded on the SEC website, the corporate regulator said the deadline for audited financial statements for the calendar year ending Dec. 31, 2020 had been moved to May 17, 2021 from April 15, 2021.

The circular covers all publicly listed companies, issuers of registered securities and other corporations.

“The commission en banc, in its April 6 meeting, recognized the challenges in the preparation  and finalization of the audited financial statements and the completion of statutory audits  brought about by the reimposition of the enhanced community quarantine in some major parts of the country,” the SEC said.

Metro Manila and nearby provinces were placed under the strictest form of lockdown from March 29 to April 11 to curb the surge in coronavirus disease 2019 (COVID-19) infections.

The government on Monday slightly eased lockdown curbs in the capital region, which was placed under a modified enchanced quarantine until April 30.

The SEC said the extended deadline is “without prejudice to the schedule on the filing of audited financial statements as may be required by the Bureau of Internal Revenue (BIR).”

“It shall automatically conform with the BIR should the latter move its own deadline to a date later than May 17, 2021,” the regulator added.

The BIR earlier said it would not extend the April 15 deadline for the filing of annual income tax returns for the taxable year ending Dec. 31, 2020. — K.C.G.Valmonte

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