Cyprus Will Delay the Introduction of Late Reporting Fees

The Republic of Cyprus has passed a bill introducing fines for late reporting to state authorities. Voting took place on December 16 and it was originally planned that companies would be punished as early as December 18. However, later the government of Cyprus decided to postpone the entry into force of the law so that the business would be able to prepare for the innovation.

Companies will begin to be fined from April 18, 2020, however, since this is a public holiday, in fact, the bill will enter into force on April 21. The government has delayed the introduction of fines so that all companies can approve the necessary changes in internal documents and manage to submit reports if this has not been done before.

The choice of the date is due to the fact that at the end of the calendar year, government agencies have difficulties with processing reports, in connection with the receipt of documents from a large number of companies. On April 18, 2020, the deadline comes for reporting for 2019, and if organizations do not have time to prepare for this time, fines await them.

Law&Trust offers services to companies that are required to submit reports in Cyprus. Our lawyers will advise you on the preparation of documents and help you submit all the necessary papers.