Proposed Audit Revisions Threaten €695 Million In Annual State Revenue

by THEFUTURE.TEAM

November 24, 2025

Overview Of The Proposed Changes

Data presented to the Parliament by Tax Official Sotiris Markidis signals a potential risk of €695.2 million in annual state revenue. The risk stems from a proposed regulatory change that would allow 60,399 companies—operating with annual turnovers up to €900,000 and asset values of up to €500,000—to undergo a simplified review of their financial statements rather than a comprehensive audit with certified accounts.

Implications For Smaller Enterprises

Under the current framework, firms with turnovers of up to €200,000 and assets up to €500,000 are subjected to a streamlined review process. The proposed expansion of the turnover threshold by an additional €700,000 would considerably broaden the pool of companies eligible for this reduced oversight. Proponents argue that this shift benefits small businesses; however, the looming reduction in rigorous auditing is poised to cut significantly into state revenues.

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Projected Financial Impact

According to figures submitted by the Tax Department to the Parliament, the overview method—implemented since 2023—currently applies to 51,075 businesses. In 2022, these entities contributed a combined €227.8 million, with forecasts for the current year reaching €306.8 million. If the turnover limit increases to €300,000, the number of eligible companies would rise to 54,549, potentially elevating state revenue from these firms from €301.7 million in 2022 to an estimated €414.3 million this year.

Threshold Adjustments And Revenue Projections

Further adjustments to the turnover threshold would have even more pronounced effects. A €500,000 threshold could subject 57,962 companies to the overview process, with projected revenues of €545 million. An increase to €600,000 could involve 58,888 companies and yield approximately €595 million, while a €700,000 threshold would include 59,543 companies, contributing an estimated €633.1 million. The scenario with a €900,000 turnover cap is the most expansive—affecting 60,399 companies and potentially generating €695.2 million in state revenue.

Debate Among Key Stakeholders

Prominent institutions such as the Tax Department, the Central Bank, and the Bank Association have expressed reservations regarding the legislative changes. The upcoming session in the Parliamentary Trade Committee, led by advisers such as K. Chatzigiannis and N. Sykas, will address these concerns. A pivotal point of discussion will be the proposal to set the annual turnover threshold for companies undergoing a mere review at €300,000, thereby ensuring that larger firms—whose financial contributions to the state are more significant—remain subject to full audits.

Looking Ahead: Financial Reporting Oversight

Additionally, clarity is expected regarding the composition and supervisory authority of the Council for the Determination of Financial Reporting Standards. This body is charged with establishing, monitoring, and evaluating the financial reporting practices of small-scale enterprises. While the Securities and Exchange Commission has signaled its readiness to oversee the council, the legal service currently favors placing this responsibility under the Ministry of Finance.

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Women Make Up A Majority Of The EU’s Science And Technology Workforce But The Real Gap Is Elsewhere

by News Editor

June 25, 2026

Women now make up the majority of the EU’s science and technology workforce. According to Eurostat, in 2025, more than 81.6 million people aged 15 to 74 were employed in science and technology occupations across the EU. Of those, 52.5% were women, equal to 42.8 million women. The number of women in these occupations rose by 27.9% compared with 2015, an increase of more than 9.3 million over a decade.

On the surface, the numbers resemble progress. However, Eurostat’s category requires context before that figure can be read accurately. The data refers to HRST, or Human Resources in Science and Technology, specifically people employed in science and technology occupations. These are roles where the main tasks require professional or technical knowledge in physical and life sciences, but also in social sciences and humanities. That definition is wider and broader than engineering, ICT, laboratory science, or high-tech research alone.

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Zooming In

The gender picture changes once the data moves from a wider definition of the workforce to the narrower scientist-and-engineer (research and manufacturing) subgroup.

Scientists and engineers represented almost a quarter of all people employed in science and technology in the EU in 2025. Eurostat describes scientists and engineers as often being the innovators at the centre of technology-led development, making them an important subgroup to focus on separately.

Women accounted for only 40.8% of scientists and engineers in 2025, despite making up more than half of the wider category. That share has increased by a mere 0.5 percentage points over the past decade. The absolute number of women working as scientists and engineers rose from 5.3 million in 2015 to 8.2 million in 2025, despite the push from national and international organisations to increase the number of women in the field. Europe has expanded the number of women in science and technology occupations over ten years. However, that expansion has not extended equally into the scientist-and-engineer subgroup, where much of Europe’s research and innovation work is conducted.

In 2025, of the 39.4 million women aged 25 to 64 working in science and technology occupations in the EU, 35.5 million worked in service activities. Only 2.7 million worked in manufacturing. Women accounted for 57.5% of science and technology employment in services, but only 31.3% in manufacturing.

In 2025, the highest shares of women employed in science and technology occupations were recorded in Latvia at 62.4%, followed by Hungary’s Great Plain and North region at 61.1%, Estonia at 60.5%, Poland’s Central macroregion at 60.4%, and Lithuania at 60.3%. No EU country recorded a majority of women among science and technology workers in manufacturing.

Break-down

Eurostat’s figures measure employment in broad science and technology occupations. They do not show job security, pay levels, management roles, promotion rates, research leadership, or whether women are concentrated in junior or senior workplace positions.

The classification of “senior” also requires additional explanation. Eurostat reports that 45.9% of science and technology workers aged 25 to 64 in the EU were classified as “senior” HRST in 2025. In this dataset, “senior” refers to workers aged 45 to 64. It does not mean senior manager, senior researcher, team lead, or decision-maker.

A high female share in the wider Human Resource Science and Technology (HRST) category does not parallel equal representation across scientists, engineers, manufacturing roles, senior posts, pay, research funding, or decision-making. These figures also reflect the occupational mix inside each country or region, not only structural progress across all areas of science and technology.

The Case Of Cyprus

Eurostat data places Cyprus’s overall science and technology employment at 37.2% of the labour force in 2025, slightly above the EU-27 figure of 36.9%, and above Greece at 26.8%, Malta at 33.9%, and Turkey at 18.2%. This figure covers the total share of the labour force employed in science and technology across all genders.

Progress Or Work-in-Progress?

52.5% in the broad category. 40.8% among scientists and engineers. 31.3% in manufacturing. Europe’s gender gap in science and technology hasn’t closed yet, and there is still work to be done to encourage and support more women to enter the field, especially in research and manufacturing.

Let’s not wait another decade for another couple of percentage points of hope.

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