Annual Levy for Cyprus Companies
Cyprus Parliament passed on the 1st of February 2013, an amendment to the Companies Law Act Cap 113, regarding the special levy on Cyprus Companies. With the new amendments a levy has been imposed to all Cyprus Companies for the amount of EURO 350 per annum.
Law 190(I)/2012 and Law 6 (I) 2013 amended the Law 117(1) of 2011 on Company Law by which introduced the annual levy on Cyprus Companies for the amount of EURO 350.
The levy of EURO 350 is payable as follow as from the 1st of February 2013:
- All the Cyprus Registered Companies (either dormant or not) should pay the amount of 350 EURO as from the year of its registration and on, (only companies that under the procedure of liquidation or winding up are excluded);
- Any subsequent year the levy must be paid not later than 30th June of each relevant year;
- Companies belonging to a group of companies, the total amount of levy to be paid by all the companies will not exceed the amount of EURO 20,000 (twenty thousand). Such amount shall be spread equally between the companies of such group.
By the new amendment All Dormant Companies which they were exempted from the payment of annual levy in 2012, they should now proceed with the payment of the annual levy of Euro 350 for the year 2012 before 29th of March 2013.
Also, the annual levy for 2012, they should be paid by all the Companies that they have been registered in 2012, no later than 29th of March 2013.
Companies which are under liquidation procedure continue to be exempted. Also, where dormant companies file a petition for liquidation up to 29th of March 2013, are also exempted from the payment of annual levy for the year 2012.