This levy requirement has been in place as a statutory obligation for all such companies since 2011, and this decision is a positive development towards reducing the financial burden on businesses.

The rationale behind this decision is to provide additional support to businesses across Cyprus. Effective from 2024 onward, this decision reflects the government's commitment to fostering a more favourable environment for businesses in Cyprus, with the ultimate goal of achieving long-term growth and stability.

The law amendment for abolition of the annual levy can be found here (only in Greek) and applies from 1 January 2024. Levies up to 2023 inclusive, are still payable.