The criteria relate primarily to the amount of turnover and the balance sheet of each company, with the aim that small and SME businesses should not bear the same high costs for their audited accounts as larger companies that employ more employees. It is clarified that these companies will not be exempted from the obligation to be audited for any reason.
One of the proposers of the proposal, Michael Yakoumis of the DPA, said after the meeting that by amending the legislation, which is also allowed by the EU, the procedure for audited accounts of companies based on their total balance sheet and turnover will be changed, with the aim of redressing the injustice between SMEs and large companies as so far the procedure followed is the same for all.
He said that the administrative burden will be reduced and the costs borne by companies will be addressed, explaining that the aim is to have a categorisation of small businesses entitled to this arrangement.
Onoufrios Koulla of DISY[/B] said that with the proposal the aim is to have simplified financial results in terms of micro enterprises, to reduce the workload and the cost of accounting services and not to see an increase in costs at a time when we have strong inflationary pressures.
He said that the will of the government is to proceed with the procedure but it remains to define the criteria, namely the turnover and the balance sheet.
On behalf of AKEL, Kostas Kostas said that the proposals are moving in the right direction and aim to simplify the certification procedures for the net turnover and the total balance sheet. The regulation, he said, is necessary to reduce the administrative burden however there are some concerns from the tax department and the CB in relation to the amount of turnover, balance sheet, which companies will be exempted etc.
Source: CNA
Contents of this article including associated images are belongs Cyprus Times
Views & opinions expressed are those of the author and/or Cyprus Times
Source
