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Economy

Trying to Hold Down Soaring Energy Prices, Cyprus Cuts Fuel Tax

NICOSIA – With energy costs skyrocketing – even more over Russia’s invasion of Ukraine – Cyprus Finance Minister Constantinos Petrides said the government has decided to cut the 14 percent Value Added Tax (VAT)  to 9 percent.

That’s the maximum reduction allowed under European Union law and will be extended to hold cost costs for power consumption and oil and gasoline that are necessities for people.

The tax on petrol and oil will be reduced by 7 euro cents per liter, dropping to 8.3 cents per liter and for heating oil it will drop 6.4 euro centers per liter, including VAT in both cases, giving Cyprus the lowest rate in the EU.

Petrides said that will save houeholds an estimated 40 million euros ($43.75 million)  and said there are other energy-saving programs available for households and vulnerable groups worth 150 million euros ($164.05 million.)

 

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