Abolition of the Annual Levy

Abolition of the Annual Levy

On 21 February 2024, the Government announced a package of targeted supportive measures for the Cyprus economy.  One of the measures was the abolition of the Annual Levy of €350 payable to the Registrar of Companies and Intellectual Property by all registered entities.

On 29 February 2024, the House of Representatives approved the Government Bill to abolish the Annual Levy and pledged to refund the money to the entities that have already paid the Annual Levy for 2024.

Companies that have not yet paid the Annual Levy for any year from 2011 to 2023, will have to proceed with its payment, including applicable penalties:

• 10% on the initial amount due (€35) if not paid within 2 months from the due date of 30 June of each applicable year;
• 30% on the initial amount due (€105) if not paid within 3 months from the imposition of the first penalty of each applicable year, thus raising the total amount payable to four hundred and ninety Euro (€490).

For any clarifications on the matter, please, do not hesitate to contact us.