President of the Republic of Cyprus Nikos Christodoulidis announced on Wednesday 21st February 2024 the decision made by the Council of Ministers to abolish the annual company levy of €350 payable by all companies registered in Cyprus.
The company levy fee was imposed in 2011 as a part of measures introduced to support Cypriot economy, generating over €40M in annual revenue.
The abolition of the annual company levy is applicable from 2024 and onwards.
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