The Cypriot government abolished the €350 annual levy on February 21st, 2024. This government fee was paid by all registered businesses to the Registrar of Companies in Cyprus. The move to cancel it is a part of a larger €60 million support package to stimulate the Cypriot economy.
Originally introduced in 2011 during fiscal consolidation efforts following the economic crisis, the levy was criticised for unfairly burdening small and medium-sized enterprises (SMEs). By eliminating this annual cost for businesses, the government aims to improve the business environment and promote long-term growth and stability on the island.
Looking to expand your business to Cyprus and you want to know how to do it? With over 20 years of international experience, we’re confident to provide you with the best tailored services for your business. Get in touch for a free consultation at (+44 20 3974 1244) or send us an email (office@bensonformations.com).
