Bill for Reduction of Fines on Undeclared Work
November 10, 2026
The total amount of administrative fines for undeclared work in Cyprus is higher than initially estimated, reaching 73 million euros. A bill currently discussed in Parliament may reduce these fines by 88.16%. If approved, the state is expected to collect only 8.6 million euros. The bill also sets a cap on increases for late payments, which could ease the burden on debtors. The regulation will have retroactive effect from June 2017.