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17 June, 2024
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Government extends zero VAT on essentials

Coffee and sugar included for six more months

Newsroom / CNA

The government has decided to extend the application of the zero VAT rate on essential goods for another six months, with Finance Minister Makis Keraynos announcing the addition of coffee and sugar to the list of exempted products.

Keraynos made this announcement following the Cabinet meeting, stating that the extension was necessary as the current validity period would expire at the end of October.

"We have decided to renew the list for another six months with a zero rate for basic products, and we have also included two other everyday items, coffee and sugar," remarked Keraynos.

Regarding potential subsidies for electricity and fuel, when asked, the Finance Minister reiterated the government's commitment to implementing targeted measures.

"The government's policy revolves around targeted measures, which are not only more effective but also align with the fiscal framework and fiscal discipline required for our country's financial stability," he emphasized.

In reference to the extension of the zero VAT rate, the Finance Minister further added that the government is demonstrating its commitment to its citizens.

"We are closely monitoring all developments with a great deal of seriousness and sensitivity. Depending on how situations evolve, the government will continue to implement measures to support those in need," he concluded.

Cyprus  |  VAT  |  economy  |  inflation  |  groceries

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