Update on financial penalties

Dear Valued Clients, We’re pleased to inform you of a beneficial development in Cyprus legislation:

Parliament Reduces Financial Penalty for Late Annual Reports

During the session on 15/02/2024, the Plenary of Parliament of Cyprus voted in favor of reducing the financial penalty for companies failing to file their Annual Reports to the Registrar of Companies within the prescribed time limit.

Key Details

• Amendment Law: The Companies (Amendment) (No. 2) Law of 2023
• Financial Penalty Reduction: The total financial penalty limit decreased from €500 to €150.

Impact on Businesses

• Lower Penalty: Companies facing late submission issues will benefit from a reduced financial burden.
   
• Support for SMEs: This change recognizes the challenges faced by many small and medium enterprises in meeting deadlines due to various factors, including the preparation of audited accounts.

What You Need to Know

• Ensure compliance with the new penalty structure to avoid unnecessary financial strain.
• Stay updated on further legislative changes that may affect your business operations.
   

As always, we’re here to assist you and provide guidance on navigating regulatory updates.

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