Filenews 22 March 2024
The Department of the Registrar of Companies and Intellectual Property announced yesterday that according to the Companies (Amendment) Law 2024, L.25(I)/2024, which was published in the Official Gazette of the Republic on March 15, 2024, the annual fee (€350) for companies registered in the Register of the Registrar of Companies will be abolished from 2024 onwards. The annual fees for the years from 2011 – 2023 continue to apply. A large percentage of registered companies have not paid the fee for previous years.
According to the Amending Law 2024, L.25(I)/2024, dated March 15, 2024, for those companies that have already paid the annual fee of 2024, a refund of fees will be made as follows:
a. For online payments made through JCC, the excess amount will be refunded directly to the card with which the payment was made, without any further action by the applicant.
b. For payments made to the Cashier of the Department of the Registrar of Companies and Intellectual Property, the excess amount will be refunded to the applicant's Bank Account upon presentation to the Cashier of the Department of form KE1, the payment document, together with the authorization form for payments by FIMAS, accompanied by a photocopy of the statement of the Bank Account to be credited, as described in the Authorisation Form.
The abolition of the levy is estimated to deprive the state of approximately €40 million in annual revenue. The levy was imposed in 2012, as part of extraordinary collection measures to address the severe fiscal crisis that had erupted.
Although initially the Christodoulides government had advocated the partial abolition of the levy so that large companies with multi-million turnover could continue to pay it, it eventually approved a bill for horizontal abolition of the obligation.
