Finally, after 12 years since 2011, the €350 annual levy fee is being abolished on all Cypriot companies. The decision was made on February 21, 2024.
The Ministry of Finance pointed out that the abolition of the annual levy could create a potential loss of annual revenues of the government amounting to over €40 million budgeted for 2024.
The abolition of the €350 annual fee is a positive development for all businesses in Cyprus. This decision is anticipated to stimulate economic activity, boost employment, and contribute to the growth of the Cypriot economy.
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