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15 June, 2024
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Cyprus delays green tax implementation to early 2024

Finance Minister voices concerns over Green tax timing

Maria Eracleous

Maria Eracleous

"It's paranoid that, at a time when there is accuracy and an increase in fuel prices, the government is implementing measures to combat price increases, and additional taxes are being introduced," stated Finance Minister Makis Keravnos during the discussion of the 2024 budget in Parliament.

He noted that the increases, following continuous studies and consultations with experts to whom the Ministry of Finance had turned, were scheduled for November.

"We have now postponed it to early 2024, and efforts continue 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.

Keravnos also mentioned that he discusses the significant cost of the green transition with other finance ministers from large countries on every occasion.

"It's a matter 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."

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