THE Securities and Exchange Commission (SEC) has once again extended the deadline for the submission of annual reports for the fiscal year ended December 31, 2020 and quarterly reports for the period ended March 31 after the Bureau of Internal Revenue (BIR) adjusted its own submission deadline.
In a notice to all publicly listed companies, issuers of registered securities, and other corporations, the commission said it has set June 1 as the new submission deadline for annual and quarterly reports.
“In light of the advisory issued by the BIR and the commission’s recognition of the challenges in the preparation and finalization of the AFS, the commission en banc, in its meeting held on May 18, 2021, resolved to further extend the deadline for the submission of annual reports for the calendar year ended December 31, 2020 to June 1, 2021 from May 17, 2021,” the SEC said.
The BIR told concerned taxpayers in an advisory that the submission of required attachments, which include annual financial statements (AFS), to the electronically filed amended annual income tax return should be submitted on or before May 30.
The deadline for the submission of quarterly reports for the period ended March 31 was also extended to June 1 because the statement of financial position as of the calendar year ended December 31, 2020 is required to be presented in the interim financial statements.
The SEC previously extended the deadline of annual reports by a month to May 17 from April 15, noting that it “was subject to an automatic adjustment to conform to any subsequent [BIR] announcement” relating to the BIR’s own deadline for AFS submissions. — Keren Concepcion G. Valmonte