1. Reduction of the administrative penalties for late submission of Annual Returns (HE32)
The House of Representatives has recently voted amendments regarding the penalty imposed from the late submission of Annual Returns (HE32) to the Department of Registrar of Companies.
According to Cyprus Companies Law, all Cyprus companies are obliged to file Annual Returns to the Registrar of Companies, which must be accompanied by the Company's financial statements of the previous year.
Further to the new amendments, Cyprus Companies that fail to submit the Annual Return on time will have a reduction of the maximum penalty from EUR 500 to EUR 150.
The amendment of the Law is valid for the Annual Returns dated within the years 2021 and 2022 until December 2024.
The companies which have already paid a penalty exceeding the amount of EUR 150 within the years 2021 - 2022 then they are entitled to claim the difference.
2. Extension of the deadline for the payment of Annual Levy for the year 2022
The deadline for the payment of the Annual Levy for the year 2022 is extended until 31 December 2022, without the imposition of any additional penalty, as voted on 30 June 2022 by the House of Representatives.
The extension of the deadline aims to support the Cyprus Companies to overcome the inflationary pressures on the prices of basic goods and services due to the Ukraine-Russia war and the ongoing effects of Covid-19 pandemic which the overall economic and social stability
