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Republic of Cyprus abolishes requirement for annual levy contribution by companies

Republic of Cyprus abolishes requirement for annual levy contribution by companies

The Companies Act (Cap. 113) in the Republic of Cyprus has recently been further amended to terminate the obligation of companies’ annual levy contribution for the year 2024 onwards. In addition, based on the aforesaid amendment, the annual levy contribution obligation for the years 2011 to 2023 (inclusive) is not affected and continues to burden entities subjected to such contribution.

In this context, in a recent announcement the Department of Registrar of Companies and Intellectual Property (DRCIP) has clarified that for companies that have already paid their annual levy for the year 2024 will be refunded with the corresponding amount directly to their bank account used to make such contribution (if payment was made via JCC card payments), or to the bank account designated on the FIMAS payment authorisation form (if payment was made at the Cashier Desk of the DRCIP, following submission of the return of funds form “KE1” along with a copy of the payment invoice issued at the time of payment).

 

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