The Ministry of Finance of the Republic of Cyprus intends to raise
from 70,000 to 120,000 euros
income level at which individuals - individual entrepreneurs (self-employed) and professionals (accountants, architects, consultants, doctors in private practice, real estate agents, marketers, etc.) - must annually provide audited financial statements. This will help make life easier for small businesses and reduce accounting costs.
The innovation is included in the package of laws on tax reform in the Republic of Cyprus. Six bills are being considered in parliament. If deputies approve the texts of laws before the end of 2025, the authorities will begin to carry out tax reform
from January 1, 2026
.
If the new law comes into force, for incomes up to 120,000 euros per year, the usual
financial statement
And
financial statements
no audit.
