Company fees have increased the government's revenue stream to 25.6 million Euros

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transhThe company fees were imposed by the government in wake of economic measures to increase their liquidity needs. Official statements from the Department of the Registrar, have confirmed that the annual fee of 350 Euros was paid from a 73,267 companies. A total of 73,267 companies which are registered with the Department of the Registrar of Companies and Official Receiver of the Cyprus Republic have paid, up to July 11, the annual fee of 350 euro. The percentage of companies paid only amounts 27% comparing to the 273,573 – which many have expressed their intenion to be waived of the fee. The government has imposed measures against companies not wishing to pay. For example, if the fee is paid with a delay of two months after the deadline expires, the penalty is 35 euro, whereas for a delay of five months, this penalty increases to 140 euro. Furthermore, if a company fails to pay the fee for a period that exceeds five months, then the company is deleted from the registrars records.