Introduction of new penalties for late submission of Annual Returns
The Cyprus Registrar of Companies introduced new penalties in relation to the late submission of Annual Returns (HE32). As a result, companies that submit their Annual Returns late, will be faced with a penalty, depending on the delay.
In general, Cyprus companies are obliged to file with the Registrar their Annual Return, accompanied by the audited financial statements of the previous year.
Now, according to the new policy, a late submission of the Annual Return will result to a one-off penalty of €50, as well as an additional penalty of €1 for each day of delay during the first six months and thereafter €2 for each day of delay, up to the maximum total of €500.
What this means for companies, is that the Annual Returns for all years up to and including 2018, should be submitted to the Registrar of Companies no later than 18 December 2019 in order to avoid the new penalties.
Furthermore, Annual Returns for 2019 and onwards must be submitted within 28 days from the date of preparation.
Feel free to contact us for any further information or assistance in relation to the above.