Cyprus Parliament passes first measures
02.09.2011All companies (except for dormant and those not owning any assets) are required to pay an annual fixed duty of 350 euros to the Registrar of Companies. For groups of companies the total duty is capped at 20,000 euros.
The duty for 2011 is due by December 31, 2011 and for subsequent years by June 30. Financial penalties of 10-30% will be levied for late payment within 2-5 months from the due date. The Registrar may strike off the company in case of further delay. The fee for re-registering is 500-750 euros depending on the circumstances.
Other package of measures:
- New top rate for personal income tax
- Tax incentives for highly-paid employees
- Defense Contribution on dividends and interest
- Property Tax
- Public sector employees: pension contributions
- Public sector employees: one-off contribution
- Decreased VAT on first home.
Second package package of austerity measures to be approved in September.