A proposed law to reduce the maximum total fine that can be imposed on a company that fails to submit its annual report to the Registrar of Companies within the prescribed time limit was discussed on Tuesday by the Parliamentary Trade Committee, with the relevant ministries expressing their disagreement, considering that this would reduce the compliance rate of companies.
The purpose of the law proposal submitted by MPs Elias Mirianthous of the EPP, Stavros Papadouris of the Movement of Ecologists and Panicos Leonidou of DIKO is to facilitate companies facing difficulties due to the conditions created by the pandemic in the timely submission of their annual reports. Specifically, it is proposed to amend the Companies Law to reduce the maximum total financial charge from EUR 500 to EUR 150.
(CNA)
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