The Philippine Chamber of Commerce and Industry (PCCI) said business groups are amenable to a compromise with the Securities and Exchange Commission (SEC) on the latter’s proposal to increase its fees which the former oppose.
PCCI said the charges should be within reasonable levels to be competitive with those charged by other commissions in the countries in the region.
“Our concern is that the is increase is quite high. The SEC and the private sector can come to a compromise. This is not yet a closed book but it is something we would like to have a say on,” said George Barcelon, president of the PCCI, one of the 11 business groups that had asked the Commission to revisit the plan.
Barcelon also said charges will have to be compared wit those slapped by other countries in the region
“because we are trying to be compete for investments.”
Barcelon said when the previous administration reduced the corporate income tax rate, it was meant to bring it to parity with those in other countries.
The new schedule of fees include an increase in charges on transactions of companies seeking to extend their corporate life o 1/4 of 1 percent of the authorized capital stock, but not less than P2,500 or the subscription price of the subscribed capital stock, whichever is higher.
Meanwhile, the SEC has extended the deadline on the amnesty of companies with reportorial deficit to November 6 to take into account the upcoming barangay elections and the observance of All Souls’ and All Saints’ Day.
The original deadline was September 30.
The amnesty gives erring companies the chance to settle their obligations to the SEC while incurring lesser penalties amid the agency’s plan to hike them.
“We have been adjusting, and adjusting, and adjusting (the deadline). That’s exactly because we are pro-business and because we want to encourage (companies to comply) because the very spirit of the RCC (Revised Corporation Code) is to encourage continuity and all that,” said Emilio Aquino, SEC chairman.
