Financial Statements Penalties
FINANCIAL STATEMENTS – NEW PENALTIES IMPOSED FOR LATE SUBMISSION
We would like to inform you about a recent amendment of the Cyprus Companies Law Cap. 113 (Law 149(I)/2018) that concerns a significant increase in fines for late submission of the annual returns to the Cyprus Registrar of Companies for 2019 along with the audited financial statements of the previous year 2018.
As of the end of 18 December 2019, late submission of the annual return for 2019 will be subject to a fine of fifty euro (€50) plus one euro (€1) for every day for which the default continues within the first six months plus two euro (€2) for every day thereafter for which the default continues with a maximum fine of five hundred euros (€500) for each default.
To avoid penalties, please contact us as soon as possible to prepare the Financial Statements of 2018 by the end of the year in order to proceed with the submission of the annual return on time.