Reduction of Penalty for Late Submission of Annual Returns

The Annual Return for Cyprus companies must be filed with the Registrar of Companies within twenty eight days from the day it is drafted.

The penalty for late submission amounts to €50 plus €1 for every day for which the default continues within the first 6 months plus €2 for every day thereafter for which the default continues, with a maximum of €500 for each default.

Further to an amendment in the Companies’ Law, which came in to effect on 24 June 2022, the maximum of €500 for each default has been reduced temporarily to €150. The reduction will be valid until 31 December 2024 and concerns the Annual Returns for the years 2021 and 2022. For companies, which already submitted their Annual Returns for the years concerned and they have suffered a penalty because of being late, the difference between the amount of fine paid and the revised cap of €150 will be refunded.

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