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17 June, 2024
 
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Government mulls support extension amidst rising costs

Zero VAT rates extension considered for essential items

Newsroom / CNA

The Council of Ministers convenes on Thursday for an extraordinary session to approve a new package of targeted measures to alleviate pressures from price hikes.

According to CNA sources, the government will not renew the zero excise tax on fuels which expires in the end of March, but will renew the scaled state support to cover the increased cost of electricity bills both for households and businesses and the universal grant for vulnerable households.

The government will consider one-off grants to vulnerable groups subject to the allowances of the Deputy Ministry of Social Welfare, as well as the extension of zero and reduced VAT rates for basic goods.

According to the same sources the new measures will extend to the end of June.

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Cyprus  |  economy  |  VAT  |  minister  |  finance

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