The Companies Law has been recently amended by Law 90(Ι)/2013 published in the Official Gazette on 26 July 2013. The amendment effected is the following:
Keeping books of account
The Companies Law was amended so as to clarify the contents of books of account & records which must be kept by every company in Cyprus in a way that, indirectly, the capability of the Republic for exchange of information will improve in accordance with the recommendations of the Organization for Economic Cooperation and Development and for the purpose of implementing the Memorandum of Understanding between the Republic and the European Commission.
Specifically it is clarified that:
The books of account and records must explain correctly all transactions and allow the determination of the financial position of the company with reasonable accuracy at any time and include supporting documentation which portray:
(a) all funds, which are collected and expended as well as the matters in respect of which the corresponding receipts and the corresponding expenses are made,
(b) all sales and purchases and any transactions,
(c) the assets and liabilities of the company.
The books of account and records must be kept for a period of six (6) years after the end of the calendar year to which they relate.