Philenews

Limit for Financial Review of Businesses Set at €300,000

Published January 22, 2026, 16:21
Limit for Financial Review of Businesses Set at €300,000

The Parliament approved DISY's proposals to raise the turnover limit for businesses subject to a simple review of their financial statements, instead of a full audit, from €200,000 to €300,000. Initially, DISY proposed raising the limit to €900,000, but after objections from the Tax Department, the Central Bank, and the banks, the limit was reduced to €400,000. Finally, with an amendment from DIKO, the limit was set at €300,000. Furthermore, SELK was designated as the competent authority for determining Financial Reporting Standards.