Cabinet abolishes €350 annual company fee

ADDED 2024-02-22

(Source: Philenews 21/02/2024)

With today’s decision, the Cabinet abolished the annual company fee of €350 as an additional measure to ease the burden on businesses. The decision will take effect from this year.

The annual fee was first imposed in 2011 as part of fiscal consolidation measures.

In the initial stages of the governance change last spring, the Ministry of Finance opposed the abolition of the fee, which parties were requesting through the Parliamentary Trade Committee.

The ministry had cited before the Parliament the potential loss of annual revenues amounting to €40 million, budgeted for 2024, from the possible abolition of the fee and advocated for a gradual and phased elimination of the burden based on the turnover of businesses.

Based on recent data submitted to the Parliament, a large number of companies, many of which are inactive, owe the state treasury a total amount of approximately €30 million due to their non-compliance with this obligation in previous years.