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Cyprus – Troika MOU: The Annual Company Levy of Euro 350

9/12/2012

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In pursuance to the Cyprus – Troika memorandum of understanding, Cyprus will be obliged to abolish all exceptions for paying the Annual Levy of Euro 350. In accordance to existing rules and exceptions, the annual levy is only paid by Companies which have real activities and companies with assets in Cyprus.

Abolishing the exceptions for payment of the annual company levy will subject approximately half of all the registered companies to the annual levy of Euro 350. The policy will certainly lead to many liquidations of dormant companies and the tidying up of the company registry. It is quite uncertain whether the measure will be effective in raising revenues for the government, as it is impossible to ascertain how many of the dormant Cyprus companies are indeed dormant for a reason and how many are not. Our guess is that the end effect for the government revenues will be minimal.

The policy is expected to take effect in year 2013 and will cover the company levy imposed for 2013.
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Annual Charge for the year 2012 for Cyprus Companies

6/6/2012

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As from 2011 all registered Cyprus companies are obliged to pay an annual charge of Euro 350 in order for the companies to be in good standing and to remain in the register of Cyprus companies at the Registrar of Companies.

For Cyprus companies which belong to a group of companies the total amount of annual charges of such companies cannot exceed Euro 20.000, therefore the cap of Euro 20.000 can only apply where over 57 Cyprus companies are within in a group.

Time limits for payment of the charge
The Companies have an obligation to pay the annual charge by 30th June of each year. For the year 2012 the deadline for the payment of the annual charge is set for 30th June 2012.

Who is obliged to pay
Companies registered in 2011 or earlier are obliged to pay the charge of Euro 350 for the year 2012 by 30th June 2012. For example, a company registered on 25th April 2009 has an obligation to pay the charge of Euro 350 by 30th June 2012.

The obligation for payment commences on the year subsequent to the year of incorporation.

Companies registered in 2012 and after are obliged to pay the charge of Euro 350 annually by 30th June of the following year. For example, a company registered on 16th March 2012 shall be obliged to pay Euro 350 by 30th June 2013 and thereafter Euro 350 by 30th June of each subsequent year.

Exemptions to the obligation for payment of the annual charge
Subject to the discretion of the Registrar of Companies, the annual charge of Euro 350 shall not apply to the following companies:

• Companies with neither assets nor turnover; or
• Companies with assets but no turnover; or
• Companies with turnover but no assets; or
• Companies with assets in the occupied areas, i.e. not controlled by the Republic of Cyprus.

Examples of companies that do not have to pay include shelf companies and holding companies with no income arising from their holding activity.
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Cyprus Banks Levy to establish Financial Stability Fund

17/4/2011

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Cyprus Banks will now have to pay a levy on all deposits they hold at the end of each financial year. The levy will be calculated on all deposits, other than interbank and deposits from financial institutions. This special bank levy will be at the rate of 0.095%.

This measure is projected to raise an annual revenue of 120 million Euro to be used for the establishment of a Financial Stability Fund to save for any future exposure of the banks to global crisis effects.

The Banking sector in Cyprus, being relatively large, due to the characteristic of Cyprus as a financial centre for so many years, is a cause for concern, to some of the US based rating agencies and the measure seems to be a prompt reply to such concerns raised recently.

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