Multiple decisions have been announced by the President of the Cyprus Republic – to further support the businesses and households.
The support package shall be applicable from 2024 and onwards.
Regarding the Business sector, the most important measure is the abolishment of the annual levy of Euro 350, which was payable by all companies registered in Cyprus to the Registrar of Companies.
The payment of the annual levy has been a statutory obligation for all companies registered in Cyprus since 2011. This decision seeks to further support the businesses of the island and shall be applicable from 2024 and onwards.
Also, an important one for businesses and not only, is the extension of the graduated subsidy measure for the cost of electricity from March 1st until April 30th, 2024, for residential, commercial, and industrial consumers, while for vulnerable consumers, the subsidy will cover 100% of the increase in the electricity price.
In addition the president announced other measures.
- Extension of financial support to households receiving related allowances from the Ministry of Social Welfare based on income criteria.
- Extension of the measure reducing the consumption tax on motor fuels until March 31, 2024.
- Expanding of the beneficiaries as well as increasing the financial support amounts for refugee families related to housing loans, housing refurbishments, student loans and more.
- The payment of the annual levy has been a statutory obligation for all companies registered in Cyprus since 2011. This decision seeks to further support the businesses of the island and shall be applicable from 2024 and onwards.
