By Angelina Alyabyeva, Legal Associate, Accredited Mediator, CYSEC AML Officer, LLB(Hons), LLM
The Department of Companies and Intellectual Property announced recently the new upper limit for monetary penalties for companies that delay the submission of their annual reports.
According to the Companies (Amendment) Law 2024, Law No. 18(I)/2024, published in the Official Gazette of the Republic on March 5, 2024, the maximum monetary penalty for Annual Reports with a drafting date for the years 2021 and onwards will not exceed €150 for each violation.
Therefore, the fee for annual report submission is as follows:
In case of late submission:
€20 as form fee
In case of overdue submission:
€20 as form fee
€20 as penalty fee
The corresponding monetary penalty for overdue submission, the amount of which is fifty euros (€50) for the initial violation and one euro (€1) for each day of continuance of the violation, with a maximum total amount of one hundred fifty euros (€150).
According to the Amendment Law 2024, Law No. 18(I)/2024, dated March 5, 2024, individuals who paid more than €150 for the submission of form HE32 for 2023, starting from March 5, 2024, have the right to a refund of any excess amount.
The refund of the excess amount exceeding €150 will be as follows:
a. For online payments made through JCC, the additional amount will be refunded directly to the card used for payment, without any further action required from the applicant.
b. For payments made at the Treasury of the Department of Companies and Intellectual Property, the additional amount will be refunded to the applicant's bank account after submitting (at the 3rd floor, Room 301 of the Department) the payment certificate, along with the authorization form for payments from FIMAS, accompanied by a photocopy of the bank account statement to be credited, as described in the Authorization Form.