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New Laws voted by the Cyprus Parliament
New Law was enacted governing the provision of fiduciary and corporate services
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Istos Global Limited

Tel: +357 22256324
Fax: +357 22256410
Emai: info@istosglobal.com

 

Changes to Annual Duty for 2012 and 2013
Saturday, April 13, 2013
 

 

• From 2013 all Cyprus registered companies irrespective of their year of registration are required to pay the Annual Government Levy of €350. The Levy is payable to the Registrar of Companies by 30 June of each year.

 

• All companies that were exempt in 2012 from payment of the Levy are now required to pay the Levy of €350 in respect of 2012. Payment of the Levy must be made by 29 March 2013.

 

• Any company that was registered in 2012 or any dormant company or any company or group of companies with no assets or any company with assets located in the occupied areas of the Republic of Cyprus, may apply to the Registrar of Companies for commencement of the procedures for its strike-off from the Register and it will not be liable to pay the Levy in respect of 2012 by being considered as being struck off the Register from 1 January 2012. The application to the Registrar for the strike-off must be made by 29 March 2013.

 

The limitation on the amount of the Levy in case of companies belonging to a group of companies has remained unchanged at €20.000 with the amount being equally spread between all the companies of the relevant group.

 

If the Levy is paid within two months of the due date a penalty of 10% is imposed which increases to 30% if the Levy is paid within five months of the due date.

 

If the Levy and the applicable penalty for late payment are not paid within five months of the due date, then the Registrar of Companies proceeds to strike off the company from the Register. Reinstatement on the Register is possible and if done within two years from the date of strike off the required fee to be paid is €500 (in addition to the outstanding amount of the Levy and penalty) whereas after two years the fee to be paid increases to €750.

 

Should you require more information regarding the above please to do not hesitate to contact us at: info@istosglobal.comor +357 22 256324.


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