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Abolishment of Annual Company Levy

1 minute

On Wednesday, 21st of February 2024, the Cyprus government has taken a step to support the business community by abolishing the annual company levy of €350 which was introduced in 2011. This move is aimed at providing immediate financial relief to all registered companies, enhancing the island's appeal as a business-friendly destination.


Eliminating this fee is part of the government's broader strategy to stimulate economic growth, attract investment, and improve competitiveness. It promises to lower operational costs for businesses, particularly benefiting small and medium-sized enterprises.


President Nikos Christodoulides highlighted the abolition as evidence of the government's commitment to economic revitalization and sustainable development. The decision reflects the government's priority to strengthen the economy and support the business sector, aiming for long-term growth and stability.


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* This publication has been prepared as a general guide and for information purposes only. It does not purport to be comprehensive or to render professional advice. Before making any decision or taking any action that may affect you and/or your business, bespoke advice should be obtained.

Michalis is a Business & Innovation Advisor at Royal Pine. He is a holder of an LL.B from the University of Essex and an LL.M from the University of Leeds.