Books and Records – Maintenance of Accounting Books and Records
From 1st January 2006, with effect from the tax year 2006 and onwards, every person (individual, company or partnership) deriving income from commercial or
industrial business, profession or vocation, or any other occupation and from property (such as leasing or rental) must:
A. Issue invoices in relation to transactions and receipts, as specified by Regulations issued by the Council of Ministers and published in the Cyprus Gazette.
B. Maintain accounting books and records and prepare accounts in accordance with acceptable accounting standards that are audited in accordance with acceptable auditing standards, by a person that is eligible to act as an auditor of a company in accordance with the Cyprus Companies Law.
An individual is exempt from the obligation to maintain accounting books and records where the annual turnover does not exceed the amount of €70.000.
