Cyprus

These are the decisions of the Minister. Council on measures against accuracy

Targeted measures against accuracy were brought before the Council of Ministers. Pandemic, Russian invasion of Ukraine have created a rally of rise and inflation with the consequences can not yet be seen in their entirety. In trying to relieve the citizens, the discussion of measures against accuracy will revolve around specific pillars.

Specifically, the pillars on which it will be based will be three, the first will be the reduction of the fuel tax on fuel, the second the extension of the reduced VAT rate on electricity and the third the support to vulnerable groups with a subsidy policy. As for fuel, it envisages the continuation of the measure of reduction of excise taxes on 95 and 98 octane gasoline and on diesel by 7 cents per liter. With VAT, the reduction corresponds to 8,3 cents per euro per liter, while a similar reduction is included in the excise tax by 5,32 cents per liter on heating oil.

The decisions of the Council of Ministers:

  • Support for low-income retirees. From July pensions will increase 3-4%
  • One-off for vulnerable groups

  • Announcement of a feeding subsidy plan for children under the age of four

  • Measures to reduce VAT on electricity are being extended

  • The measure of reduction of the fuel consumption tax is extended

  • Additional support to the livestock and agriculture sectors

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