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Paper trail.
(From Philippine Daily Inquirer)
Byline: Raul Palabrica
LIKE taxes, there is no escaping by private companies of their duty to submit periodic reports on their operations to the Securities and Exchange Commission and whatever agency exercises supervisory authority over them.
Regardless of their line of business, the approximately 500,000 corporations in the country (of which 250,000, more or less, are active) are obliged to file yearly with the SEC their General Information Sheet and financial statements.
The information sheet is due within 30 days from the holding of the annual stockholders meeting, while the financial statements should be submitted not later than 120 days from the end of the corporation's fiscal year.
Failure to submit these documents on time will give rise to the imposition of fines that are computed on a daily basis. In typical Filipino syndrome of "beating the deadline," the queue for these filings lengthens as the last day nears.
Through these reports, the government regulatory agencies can determine whether the companies are operating within their authorized parameters, are dealing fairly with their shareholders and, most importantly, paying the right taxes.
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