Cyprus risks losing up to €695.2 million in annual government revenue if a new proposal expands the number of companies allowed to undergo a simple financial review instead of a full audit, according to data submitted to Parliament by tax commissioner Soteris Markides.
Under current rules, businesses with turnover of up to €200,000 and assets of €500,000 may submit reviewed, rather than audited, financial statements.
However, a Disy bill proposes
