Abolishment of the Annual Company Levy  
The Government of the Republic of Cyprus announced, on 21 February 2024, the abolishment of the statutory obligation, provided for in section 391 of the Cyprus Companies Law (Cap. 113)(the “Law”), to pay the EUR 350 annual company levy, payable each year by companies registered in Cyprus with the Department of Registrar of Companies and Intellectual Property. This decision was in turn also approved by the House of Representative on 29 February 2024. This governmental measure, which is part of wider measures being taken to support businesses operating in and through Cyprus, will be applicable from 2024 and onwards. As a result of the above, it is expected that the Law will be amended accordingly to remove the relevant provisions relating to the statutory obligation for the payment of an annual levy.