Important Update | Cyprus Annual Company Levy Abolished

Important Update | Cyprus Annual Company Levy Abolished

On Wednesday, 21st of February 2024 the President of the Republic of Cyprus Mr. Nikos Christodoulidis announced through a televised message, a raft of government measures aimed at alleviating the current costs.

One of the government’s measures is the abolition of the flat €350 annual company levy.

The annual fee that is abolished concerns every company registered in the register of the Department of Registrar of Companies and Intellectual Property of Cyprus and has been paid since 2011.

The abolition of the annual company levy carries one of the biggest costs for the government since the state collects approximately €40 million every year from the companies.

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The information provided by AGPLAW | A.G. Paphitis & Co. LLC is for general informational purposes only and should not be construed as professional or formal legal advice. You should not act or refrain from acting based on any information provided above without obtaining legal or other professional advice.

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Tags: Company law in Cyprus


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