On the 21st of February 2024, the President of the Republic of Cyprus, announced that the Council of Ministers had taken the decision to abolish the annual levy of Euro 350, which was payable by all companies registered in Cyprus to the Registrar of Companies on by the 30th of June of every year.

The payment of the annual levy has been a statutory obligation for all companies registered in Cyprus since 2011.

The decision is effective as of the 2024. The rationale  behind the abolishion is to further enchance the attractiveness of the Republic of Cyprus as a business centre.