Republic of Cyprus Announces Abolition of Annual Company Levy

In a televised address on Wednesday, February 21, 2024, President Nikos Christodoulidis of the Republic 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. This levy, which has been in place since 2011, applies to every company registered with the Department of Registrar of Companies and Intellectual Property of Cyprus.

The removal of this annual levy represents a significant financial commitment for the government, as it typically generates approximately €40 million in annual revenue from affected companies.

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