The new amendment of the
Companies Law (no. 117(1)/2011) passed on the 7th of December 2012
by the House of Representatives, provides the following:
a. All
existing registered companies are required, with regards to the current year,
to proceed with the payment of a Levy of €350
(hereinafter referred as ‘the Levy’), not later than the 30th of June of each
year.
b. A
company shall not be required to pay such Levy, in the year of incorporation.
In case that there is delay
in the payment of the Levy the following penalties will apply:
• Up to 2 months – 10% (3rd
of July - 31st of August): €385
• 2 to 5 months – 40% (1st
of September – 31st November): €490
After 5 months- the
Registrar will de-register the Company. Re-registration of the Company can
be made within two years with a payment of €500 annual fee. In case that
the re-registration will take place after the period of two years from the date
of de-registration the annual fee increases to €750.
c. Companies which were exempted from
the payment of the annual fee for 2012, in accordance with the previous
legislation, will now have to proceed with the payment prior to the end of
March 2013.
Delay
in the payment of the levy will incur penalties ranging from 10% to 30% even
leading to the company’s removal from the Registry. Removal from the Registry
will automatically exclude the company from filing any documents or requesting
certificates from the Registrar’s Office while possibly facing problems with
the legality of the transactions to which it is engaged.
The
deadline for the payment of the Levy as from 2013 onward will be 30 June.
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