Our firm was appointed by the Department of Registrar of Companies and Intellectual Property in order to transpose Directive (EU) 2021/2101 of the European Parliament and of the Council of 24 November 2021 amending Directive (EU) 2021/2101 as regards disclosure of income tax information by certain undertakings and branches (the “Directive (EU) 2021/2101”), as well as Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting (the “Directive (EU) 2022/2464”).

In brief, Directive (EU) 2021/2101 requires multinational enterprises (whether headquartered in the EU or outside) and standalone undertakings with activities in the EU and a consolidated revenue over EUR 750 million for each of the last two consecutive financial years to publicly disclose certain information with respect to their activities in each EU Member State, as well as in certain third countries.

Moreover, Directive (EU) 2022/2464 is the Corporate Sustainability Reporting Directive (‘CSRD’), which requires in-scope companies to report on sustainability-related issues in line with the detailed set of disclosure standards developed by the European Financial Reporting Advisory Group.

Our firm’s team, which has undertaken the task of drafting the amendments to the Cyprus Companies Law (Cap. 113) for transposing the two aforementioned EU Directives, is led by the managing partner of the firm, Stelios Triantafyllides, along with our specialist team members Marios Hadjigavriel, Christiana Vassiliou and Olga Adamidou.