According to the amendments in the Cyprus Tax Law in December 2010 the accounting records of a Company should be updated until the end of the fourth month following the month in which the transaction took place.

The above requirement applies to companies as of the 1st of January 2011, therefore the companies should update their accounting records at least on a quarterly basis.

Failure to do so within four months from the month of transaction will face a fine of Euro 100.00 as per Article 50A (a) of the Assesment and Collection of Taxes Law.

The fine will be imposed on a quarterly basis starting on the 1st of January 2012.