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Wednesday, April 17, 2024

At 150 euros the penalty to a company for late delivery of an annual report

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Στα 150 ευρo το πe&nu ;αλτι σε εταιρεΙα για αργοπορη&mu ;ενη παραδοση ετorσιας εκθεσης

The Plenary approved a proposal for a law that amends the Law on Companies, so that the upper limit of the total financial burden imposed on a company, in case it fails to deliver its annual report to the Registrar of Companies and Intellectual Property within the prescribed period, is reduced from five hundred euros (€500) which is valid today, at one hundred and fifty euros (€150).

The proposal was submitted by EDEK MPs Ilia Myrianthous, DISY Kyriakos Hatzigiannis, Nikos Sykas and Nikos Georgiou and DIKO Panikos Leonidou.

The necessity of the proposed regulation, according to the rapporteurs, arises in particular from the inability of a large number of small and medium enterprises to respond in time to the submission of the annual report.

This is because along with it, they have to submit each company's audited accounts for the year preceding the year of filing the annual report, the preparation of which is often completed after the deadline for filing the annual report.

Because of this, companies are led to late filing of their annual reports and consequently suffer the financial burden.


One ​​of the rapporteurs, EDEK Member of Parliament Ilias Myrianthous, said that the proposal restores the previous regulation of the maximum fine for delay in submitting a report to 150 euros, which had been introduced also due to the economic crisis.

He spoke of huge problems in the computerized system of the tax office while there were calls for modernization. Mr. Myrianthous said that small, large and medium enterprises should finally be separated and small ones should be exempted from administrative costs, as is the case abroad.

Ex of the rapporteurs, DISY Member of Parliament Nikos Georgiou said that the proposal is moving in the right direction, he spoke of “tax reduction policy” and punishment for those struggling to cope, such as small and medium enterprises.

He also mentioned the need to rationalize the imposition of fines and the need for an information campaign.

AKEL Member of Parliament Andreas Pasiourtidis said that if the company tax system could keep up with the date of completion of the report, then there would be no need for a reduction of the fine. He mentioned that an update of the system was requested and they received an answer that this will be done in 2025.

Until this is done, he stressed, small and medium-sized businesses cannot pay the state's burdens .

Source: KYPE

Source: reporter.com.cy

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