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Cyprus Parliament Approves Measures to Ease Financial Burden on Small Businesses

Published January 22, 2026, 18:17
Cyprus Parliament Approves Measures to Ease Financial Burden on Small Businesses

The Cyprus Parliament has unanimously approved two bills to ease the financial burden on small businesses when submitting their financial statements. The proposals, submitted by MPs Kyriakos Hatzigiannis and Nikos Sykas, amend the Companies Law. Specifically, small companies and groups of small companies will be able to prepare their financial statements based on the Financial Reporting Standards for small companies. In addition, the turnover limit for mandatory submission of financial statements for audit by a certified auditor is increased from €400,000 to €300,000. The proposed regulations are deemed necessary to relieve small businesses of the administrative burden associated with complying with International Financial Reporting Standards. Small businesses have limited resources, and compliance with high regulatory requirements is often expensive and difficult. The SELK (Association of Certified Public Accountants) will be the competent authority for determining the Financial Reporting Standards, while the Minister of Finance will be responsible for approving the standards submitted to him.