As per our “tax update” dated 31st of August 2011 the government has introduced a levy of EURO 350 payable by all Cyprus Companies.
The levy is an annual fee payable as follows:
A fixed annual levy of €350 is imposed to all companies that are registered in Cyprus.
For Group of Companies the total amount cannot exceed the €20.000.
The levy for the year 2011 should be paid up to 31st of December 2011.
The levy for the following years should be paid up to 30th of June of each year. In case that there is delay in the payment of the levy the following penalties will apply:
- Up to 2 months – 10%
- 2 to 5 months – 30%
After 5 months- the Registrar deregisters the Company. Re-registration of the Company can be made within two years with a payment of €500 annual fee. In case that the re-registration will take place after the period of two years from the date of de-registration the annual fee increases to €750.
Who is exempted from the levy.
1) DORMANT COMPANIES
2) COMPANIES THAT DO NOT OWN ANY ASSETS
If your company is not in the above list of exempted companies we urge you to transfer the amount to the special client’s account below in order for us to pay on behalf of the company. Please note that funds must be in the below bank account latest by 20th of December 2011 in order for us to be able to make the payment on time.
Bank: Bank of Cyprus
Account Name: OXFORD MANAGEMENT LTD
Account No. : 3570-0255-6761
IBAN: CY81 0020 0195 0000 3570 0255 6761
Swift code: BCYPCY2N
When transferring amounts please let us know the company (or companies) that the amount relates so that we can clearly indentify.
There will be no further reminders thus it is the responsibility of the client to make the payment and to inform our banking department to pay the penalty.
There will be no charge by us for this service.