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Wednesday, June 26, 2024

Simpler situation control for 42% of businesses

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A joint bill to simplify the process of auditing the financial statements of very small companies is expected to be forwarded to the Plenary, as announced on Tuesday by members of the Parliamentary Committee on Energy, Trade, Industry and Tourism. Two relevant draft laws had been submitted to the Commission and it was decided to formulate a joint proposal in order to be voted on unanimously at the next plenary session, so that it could be implemented. The new practice covers 42% of the companies registered with the Registrar of Companies.

The aim of the bill is to reduce the compliance costs of small businesses by submitting accounts that are not as deep as the full ones audited accounts.

Eligible for the new proposed scheme are companies with a turnover of up to € 200,000 and a balance sheet size of up to € 500,000.

review procedures, therefore, in essence, this inconvenience that is created in the very small enterprises which are mainly family-owned will be avoided “, explained the EDEK MP, Elias Myrianthous.

The DIKO MP , Christianna Erotokritou noted that the European Directive from 2012 allows Member States to use more simplified, more entrepreneur-friendly procedures, in order to assist business and assist micro-enterprises against large ones.

The implementation of the review process is expected to reduce the costs for the preparation and submission of financial statements to the Department of Taxation and the Registrar of Companies.

Source: politis.com.cy

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