By the time a company or a partnership receives income after:
Business operations , dividends, interests, rents, payments arising from intellectual property rights, or property in general then is obliged to comply with the below.
1.Has to issue invoices and receipts of payments for every completed transaction. The invoice, according to the law has to be issued the latest 30 days after the day of the transaction. Otherwise a fine is issued for every month the invoice was not issued.
2.Has to keep accounting books and related articles, prepared with acceptable methods and practices. The accounting books have to be audited by a certified accountant. In the case that a freelancer does not exceed the amount of €70.000 annual turnover, he is not obliged to have audited accounts. He is obliged to keep his accounting books updated until the end of the fourth month after the month were the transactions take place. In other case, if he doesn’t comply with the above, a fine of €100 is issued per semester. The accounting books must be kept for a period of at least 6 months.
The above are the rough guidelines of bookkeeping of companies in Cyprus. Our firm provides accounting and audit services but also compliance and tax advisory. Operating from our Cyprus offices and a solid network of professionals around the world we support companies to grow in Cyprus, Greece, UK and Israel.
Please feel free to get in touch with us in case you need any advisory, accounting services, or considering moving your operations in Cyprus. Read more about Cyprus company formation here. We will be very happy to answer any enquiries regarding your business. Talk to an expert now.
