€300K Limit Set for Financial Review of Businesses

The turnover limit for the financial review of businesses has been set at €300,000, following the approval of DISY's legislative proposals. This means that 54,549 businesses with a turnover of up to €300,000 will be subject to review instead of a full audit.

According to the Tax Department, revenue from this category of companies amounted to €414.3 million last year, up from €301.7 million in 2022. In 2023, 51,075 businesses underwent review with an annual turnover of up to €200,000, generating revenue of €306.8 million, up from €227.8 million in 2022.

DISY's initial proposal to increase the limit to €900,000 was reduced to €400,000 after reactions. Finally, through an amendment by DIKO, the limit was set at €300,000. Furthermore, SELK is designated as the competent authority for Financial Reporting Standards, while the Minister of Finance will be responsible for their approval.