February 23rd, 2024

Acting upon the need to bring in a positive note amid US/UK/EU sanctions affecting the corporate sector whose long-term client has been no other than the Russians, Cyprus abolished the €350 annual levy of on companies on February 21rst.

The decision to abolish the levy is also aimed at enhancing the reputation of the island as a tax-friendly jurisdiction by eliminating one of the tax-burdens and promoting the stability of the corporate business sector of the island.