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Cyprus: The Council of Ministers abolished the annual fee of € 350 for companies.

The Council of Ministers abolished the annual company fee, amounting to 350 euros, as an additional measure to ease business. The decision will take effect from this year. The annual fee was initially imposed in 2011 as part of fiscal consolidation measures.

In the initial stages of governance change last spring, the Ministry of Finance opposed the abolition of the fee, which political parties had requested through the Parliamentary Trade Committee. The ministry cited a potential loss of annual revenue of €40 million, which was budgeted for 2024, due to the possible abolition of the fee. It advocated for a gradual and phased abolition of the burden based on the turnover of companies.

According to recent data presented in Parliament, a large number of companies, many of which are inactive, owe the state treasury a total amount of approximately €30 million € due to their non-compliance with this obligation in previous years.

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