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Reduction of fine to companies for Annual Reports

Following the Tax updates of the Cyprus Chamber of Commerce and Industry, we inform you that, yesterday’s decision of the plenary of the House of Representatives amended the Companies Law so that the ceiling of the total charge for late submission of annual reports (HE 32) does not exceed one hundred and fifty euros (€150) for each violation instead of the five hundred euros (€500) currently in force.

Taking into account the letters and concerns expressed by its members, the CCCI acknowledged the difficulty and inability of many companies to comply with the obligation to submit the annual report on time, as these companies have to submit the audited accounts for the previous year together with the registration of the annual report. Often, these accounts are prepared after the deadline for submission of the annual report.

The response of the CCCI to the needs and difficulties of businesses reflects a flexible approach, taking into account the real conditions and challenges faced by businesses in their daily operation. Communication and cooperation with the MPs of the House Commerce Committee played a key role in adopting these changes for the benefit of the business community, allowing companies to fulfill their obligations more easily and without the excessive burden resulting from high fines.

We request that you adhere to the relevant timetables of the Registrar of Companies to facilitate their work so that we do not affect Cyprus’s credit rating by the international rating agencies.

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