Cyprus – Reduction of fine for failure to deliver annual reports

Cyprus – Reduction of fine for failure to deliver annual reports

By: P. Constantinou & Co Ltd

The Cyprus Parliament passed a law (23 June 2022) which reduces from 500 to 150 euros the maximum limit of the total financial burden (fine) that can be imposed on a company that fails to deliver its annual reports to the Department of the Registrar of Companies and Intellectual Property.

The reduction applies to annual reports with a date of preparation within the years 2021 and 2022 and for the period between the date of commencement of the proposed law and 31 December 2024.

The legislation also refers to a refund of the difference to companies that have already paid a fine exceeding €150 due to non-timely delivery of their annual reports within the years 2021 and/or 2022.

The authors of the bill stressed that many businesses are unable to complete the submission of their annual report to the Registrar of Companies within the time limits set out in the Law, thus being charged with additional penalties and high fines that endanger their viability.

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