After the amendment in the legislation, dormant companies, which were exempted from the payment of the annual levy of Euro 350 for 2012 in accordance with the previous legislation, have to proceed with the payment of 2012 fee, prior to the end of March 2013.  The annual fee for 2012 will also have to be paid by new companies registered in 2012, which were previously exempted.

 

For 2011, the payment of the fee was not required in case a company did not have any assets.  Additionally, companies, whose assets are located in areas restricted to the Republic of Cyprus, (i.e. Turkish occupied areas) and/or companies under liquidation were exempted from the payment of the annual fee.

 

Companies under liquidation procedure continue to be exempted. To that effect in the case where dormant companies apply for liquidation on or before the 29th March 2013, they will not be liable for payment of the 2012 fee.

 

The maximum of €20.000 levy fee in case of a group of companies continues to apply.

 

As from 2013 and onwards, all companies (except those under the process of liquidation or winding up) will be subject to this levy and as from 2013 and onwards, the deadline for the payment of the levy will be 30th of June.

 

Companies that do not pay this levy on time, they will be liable to penalties.