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ARTICLE · 06 SEPTEMBER 2017

Companies Law Amended

Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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Elias Neocleous & Co LLC

Elias Neocleous & Co LLC

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The Cyprus Companies Law Cap 113 has been amended to transpose the EU Accounting Directive (2013/34/EU) into domestic law with effect from September 23 2016.

CyprusWealth Management
Elias Neocleous
Elias Neocleous
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The Cyprus Companies Law Cap 113 has been amended to transpose the EU Accounting Directive (2013/34/EU) into domestic law with effect from September 23 2016.

One of the most important changes is the abolition of the exemption from audit that was previously available to small or dormant companies.

Other changes relate to the exemptions from certain accounting and disclosure requirements. These exemptions are available to companies or groups which are classified as small or medium-sized, according to criteria of gross assets at the last balance sheet date, turnover excluding VAT for the financial year and average number of employees during the financial year. In order for a company to fall within a specific category and qualify for the exemptions, at least two of the three measures must be below the prescribed threshold.

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