New/Updated HE32 penalties for late submission of annual returns to the Registrar of Companies

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As of 24/6/2022, released in the Official Gazette of the Republic of Cyprus, Paragraph (4) of article 120 of the basic law is amended by replacing the phrase “during the first six (6) months and a further charge of two euros (€ 2) for each day continuation of this infringement with a total ceiling five hundred euros (€ 500) for each violation » (seventh to tenth line), with the phrase “Up to the ceiling total charge one hundred and fifty euros (€ 150) for each violation”.

It is understood that, notwithstanding the provisions of this subparagraph, from the date of commencement of the validity of the Companies (Amendment) Law of 2022 until 31 December 2024, the ceiling of the total charge for the annual reports with a date of preparation within the years 2021 and 2022 does not exceed one hundred and fifty euros (€ 150) for each violation.

It is further understood that, in the event that companies have paid before the date of entry of the Companies (Amendment) Law of 2022, the financial surcharge exceeding one hundred and fifty euros (€ 150) for annual reports, within the years 2021 or and 2022, the amount of the difference is reimbursed. Further information and the procedure in regards to the reimbursed amount, exceeding the €150 limit, will be released by the Registrar of Companies in the fore coming days.

For more information, registration and submission guidelines of HE32, contact us.

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