Cyprus Mail
Business

State collects €25.6 million from company levy

The government has collected around €25.6 million from a special company tax imposed as part of measures to prop up the economy.

According to the Cyprus News Agency (CNA), 73,267 companies had paid the €350 annual fee by July 11.

These represented 27 per cent of the 273,573 companies registered in Cyprus.

The levy had been introduced in 2011, along with a series of other measures, in a bid to prop up the island’s economy.

CNA said thousands of companies have expressed the intention to be stricken off the register while many are already in the process.

In 2012, 112,888 companies had paid the tax, with the state pocketing around €39.5 million, excluding late fees.

In 2011, the state collected 32.9 million from 94,119 companies.

The deadline for paying the levy is the end of July.

A two month delay in paying the levy will cost a company an additional €35.

Up to five months delay draws a €140 penalty.

A company is stricken off the register if it delays paying for more than five months

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