Reduced from 500 to 150 euros the maximum total financial penalty that may be imposed on a company that fails to deliver its annual report to the Registrar of Companies and Intellectual Property Department, under a law passed by Parliament on Thursday.
The reduction applies to the period between the effective date of the proposed law and December 31, 2024 with respect to annual reports dated within 2021 and 2022.
Provision is also made for a refund of the difference to companies that have already paid a financial charge of more than EUR 150 due to the late delivery of their annual reports with a due date within the years 2021 and/or 2022.
This law proposal was submitted by Ilias Mirianthous on behalf of the Social Democrats Movement EDEK, Stavros Papadouris on behalf of the Ecologists-Civic Co-operation Movement and Panikos Leonidou on behalf of the parliamentary group of the Democratic Party.
The proposers of the bill pointed out that many companies are unable to meet the deadlines set in the Companies Law for submitting their annual report to the Registrar of Companies, resulting in unnecessary penalties and high fines that endanger their financial viability.
Source: CNA
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