Penalties imposed on the late payment on Company's Levy
Further to our previous publication regarding the austerity measures by the Government in August 2011, please be informed that they clarified the penalty on the late payment of the levy imposed on Companies which should be paid by the end of the year.
If the levy is paid after the expiration of the two months from the due date, a penalty of 10% is payable and an extra 30% if the levy is paid within five months from the due date. If the levy is not paid within five months, the Registrar of Companies will delete the company from the registry (something which is expected to restrict the company from filing documents or requesting certificates from the Registrar’s Office). The return of the company to the registry can be effected within two years with the payment of a levy of €500 and thereafter with the payment of a levy of €750.