End of the corporate annual levy obligation

End of the corporate annual levy obligation

On the 21st of February 2024 the Council of Ministers of Cyprus has decided to abolish the corporate annual levy of 350 EUROS. The decision will be effective from this year.

From 2011 all companies registered in the Register of the Registrar of Companies had an annual obligation to pay a fee of 350 EUROS payable by the end of June of each year.

A company that was late in paying the annual fee by the above date was subject to charges-penalties for late payment and/or deregistration from the Registry in case of prolonged non-compliance.

The above decision is considered an additional relief measure for all companies as according to recent figures tabled in Parliament, a large number of companies, many of which are dormant, owe the state treasury a total amount of around €30 million, due to their non-compliance with this obligation in previous years which proves that the relevant obligation was not possible to be implemented effectively.

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