AMENDMENTS TO CYPRUS COMPANY LAW

The main recent amendments to the Company Law, Capital 113, hereinafter referred to as “the Law” are the following:

1.       Sections 155A, 155B, 155C, 155D, 155D, 155E, 155F and 156 of the Law are REPEALED.

These were sections regarding to:

  • Approval of qualifications acquired outside the Republic
  • Approval of firm of auditors
  • Approval of body of auditors
  • Procedure for approving a body
  • Cancellation of approval of body of auditors by the Council of Minister
  • Register of Auditors
  • Auditors’ report and right of access to book, etc

2.       Annex 9 to the Law is repealed. It referred to the subjects which had to be included in financial statement.

3.       Section 155 to the Law was replaced as follows: “No person shall be appointed Company’s Auditor unless she/he has a valid licence, previously obtained according to provisions of “Auditors and Statutory Audits of Annual and Consolidated Accounts Act, 2009 (42(1)/2009)”

4.       “Audit” shall mean audit, prepared according to provisions of 152A of the Law (Amendment to section 2 of the Law).

5.       Financial statements shall be submitted by auditors of Companies according to provisions of Auditors and Statutory Audits of Annual and Consolidated Accounts Act of 2009 (Amendment to section 152A(1)(a) of the Law).

6.       By amendment of section 142(1)(c)(ii) of Company Law, Cap. 113 it is defined that total amount of remuneration of Auditor or Audit Firm shall be presented separately and it shall include:

  • Fee for Statutory Audits of Annual and Consolidated Accounts
  • total amount of remuneration which were charged for assurance services
  • total amount of tax consultants’ fees
  • all services which were charged for other non audit services

AUDITORS AND STATUTORY AUDITS OF ANNUAL AND CONSOLIDATED ACCOUNTS ACT OF 2009 (42(1)/2009) entered into force on 8/04/2011.

CYPRUS TAX LEGISLATION IS AMENDED

Please click here to download the file.

Areti Charidemou & Associates LLC Law Firm