Abolishment of annual levy for companies incorporated in Cyprus

On the 21st of February 2024, the Council of Ministers decided to implement a new measure aimed at abolishing the yearly levy of Euro 350, which was previously required of companies registered in the Republic of Cyprus. This measure aims to strengthen support for businesses and enhance the attractiveness of conducting business in or through Cyprus.

Effective immediately, this decision seeks to alleviate the financial burden on businesses. The annual levy was initially implemented in 2011 as part of fiscal consolidation efforts.

Further details regarding the implementation of this decision will be provided as they become available.