Annual Levy abolished from 2024

Written by Demetris Nicolaides
Tax
23 February, 2024

In a televised address on Wednesday, February 21, 2024, President Nikos Christodoulidis of Cyprus unveiled a series of government initiatives aimed at easing current financial burdens. Among these measures is the elimination of the flat €350 annual company levy, which has been in effect since 2011 for all companies registered with the Department of Registrar of Companies and Intellectual Property of Cyprus. The discontinuation of this levy represents a significant cost for the government, as it typically generates around €40 million in annual revenue from companies.

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