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Economy

Prices, Inflation Make Cyprus Push Back Planned “Green Tax” on Fuels

NICOSIA – Missing a European Union deadline to impose a so-called “Green Tax” on fuels by the end of 2023, Cyprus will not consider it until the 2024 budget, even as tourism is propelling a further economic comeback from the COVID pandemic.

“It would be paranoid for the government to introduce additional taxes at a time when there is inflation and an increase in fuel prices,” Finance Minister Makis Keravnos said about the problem.’, referring to the imposition of environmental levies during the discussion of the 2024 budget in Parliament.

“We have now postponed [the levies] to early 2024, and efforts are continuing to find ways to address the issue, despite the fact that it has been declared that compensatory measures will be taken to avoid repercussions,” he added.

“This is a matter that we constantly discuss, and we want to see how it can be addressed through a process that will not disrupt the path to the green transition but should not impose burdens primarily on middle-income households and small and medium-sized businesses,” he said.

Earlier, the news site Phileleftheros said the government was looking at more relief measures to combat high prices – including reducing consumption taxes on fuels as part of green taxation reforms.

 

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