RE : Exemption from Penalties
SEC Opinion No. 21-05 • Securities and Exchange Commission • Opinions • Dec 9, 2005
Full text
December 9, 2005 SEC OPINION NO. 21-05 Mr. Felicito P. Plaza President and General Manager Plaza Business Venture Corporation Coweson Bldg., 455 E. Rodriguez Sr. Ave. Quezon City (Espana Ext.) In Front of PCSO RE : Exemption from Penalties S i r : This refers to your letter addressed to the Company Registration and Monitoring Department, received on December 7, 2005, seeking reconsideration of penalties imposed for your failure to file your Financial Statement and General Information Sheet in the amount of P106,000.00. We regret to inform you that existing SEC Rules on Violation of Reportorial Requirements provide no exemption from payment thereof. 2006cda Department of the Interior and Local Government (DILG) Memorandum Circular No. 94-169, you cited as basis provides tax incentives and tax exemption privileges granted to Filipino inventors pursuant to Republic Act 7459, and exemption from license fees, permit fees and fees involve in their application for registration of their inventions. The above circular does not cover exemption from penalties imposed by this Commission. Very truly yours, (SGD.) VERNETTE G. UMALI-PACO General Counsel
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