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& nbsp & nbspInsider/ΚΥΠΕ & nbsp; & nbsp; A joint bill to simplify the process of auditing the financial statements of very small companies is expected to go to plenary soon, members of the Parliamentary Committee on Energy, Trade, Industry and Tourism announced on Tuesday. & nbsp; & nbsp;
The discussion of the draft laws for amending the Companies and the Tax Collection Laws was completed in the Committee, with its members announcing that they agreed to submit a joint bill that will go to the next Plenary for voting. This is harmonization legislation, based on a relevant European Directive of 2012.
The one proposal that was submitted was by Ilias Myrianthous on behalf of EDEK, Marios Mavridis on behalf of the DISY parliamentary group, Aleko Tryfonidis and Michalis Giakoumis on behalf of DIPA. The other was Kyriakos Hatzigiannis, Onoufrios Koullas and Nikos Sykas on behalf of the DISY parliamentary group and Christiana Erotokritou on behalf of the DIKO parliamentary group.
Mr. Myrianthous said after the session that “the golden one was found section “, a joint component, and that they will go with a joint bill, so that in the next plenary session, it can be voted unanimously and can be implemented.
DISY MP Marios Mavridis said in a statement that the purpose of the bill is & nbsp; to reduce the cost of compliance of small businesses with the submission of accounts that are not as deep as the fully audited accounts.
“It concerns a large percentage of small businesses and will help both reduce the costs of these businesses and their survival,” he said.
Mr. Myrianthous said that the discussion on the draft laws submitted by him together with his colleagues, Mr. Mavridis and Michalis Giakoumis of DIPA, for the amendment of the Companies Law and the Tax Collection Law, which amend the obligation of many to submit fully audited accounts and, thus, to submit audited accounts, with a different audit standard.
This standard, he added, is set at € 200,000 turnover and € 500,000 as balance sheet amount.
“In this way, those companies that meet these criteria, will submit their accounts in a different way, with concise review procedures, therefore, in essence, we will avoid this inconvenience that is created in very small companies, which are mainly and family “, said Mr. Myrianthous.
AKEL MP, Costas Costa, expressed the party's satisfaction with today's outcome, and the fact, as he said, that “all parties agreed and go to the Plenary Session of the Parliament with a bill”.
He said that & nbsp; AKEL contributed positively to the discussion and submitted views and suggestions.
“It showed in practice the will of all of us to try to help very small companies”, he added.
Ms. Erotokritou said that very small companies can not qualify for the same obligations as large companies with inexhaustible resources, human and not. He said that there is a European Directive from 2012 which allows Member States to use more simplified, more entrepreneurial-friendly procedures, so as to assist business and assist micro-enterprises against large ones. Ms. Erotokritou said that they found a gap in the Cypriot legislation on this issue, despite the fact that it is allowed by a relevant European Directive.
For this reason, she added, with a bill of her own and that of Mr. Koullas who, as she said, co-signs this proposal, “we have completed today the discussion of a new legislation that opens new horizons for small, medium and young entrepreneurs . »
He said that now the administrative costs that companies will have up to a certain size to submit accounts to the tax department, are simplified and that they expect that the costs they will have to pay to audit firms for the preparation of their annual statements.
“In this way we not only help small and medium-sized enterprises, but we encourage and help and motivate young people to create their own new business, removing a very large financial and administrative burden regarding the preparation of the annual their audited accounts, “he added.
He explained that, according to international accounting and auditing standards, this process is much simpler and clearer, the time required is much less, so the bureaucracy involved in preparing annual statements will be much shorter and, consequently, the costs and human resources will be much lower.
Mr. Giakoumi said in turn, after the end of the session, that he is satisfied that there was a consensus on the issue as it covers 42% of the registered companies to the registrar of companies, although his party had submitted a proposal that provided for companies & nbsp with a maximum turnover of € 700,000 and a value of assets at the balance sheet date of approximately € 1 million.
By consensus & nbsp; however, he stated, & nbsp; € 500,000.
He also said that the same, according to DIPA, & nbsp; should happen for the self-employed, ie a review limit should be set, from € 70,000 to € 150,000, while in addition to € 150,000 to make audited accounts. He added that they will see it in another bill.
Mr. Giakoumis added that they would like to increase the amounts further as their own proposal provided in the & nbsp; basis of the European Directive, in order to benefit more companies in the future.
Mr. Myrianthous said that the limits they have set are very small compared to those in other European countries, but they start from these low amounts and then, when they see that there is a possibility of larger companies below these standards to increase these amounts.
