A representative of the Ministry of Finance has informed the House Energy Committee about the Ministry's decision to extend the 8.33 cent per litre reduction in fuel consumption tax, which had been due to end on 17 September.
The spokesperson for the Ministry of Finance was responding to a relevant question from AKEL MP Andreas Pasiourtides, during a meeting of the Committee on Tuesday, 1 September.
"It is in our plans, it was approved by the Minister" and the bill is expected to go to the Cabinet for approval and be submitted to Parliament before 17 September, when the subsidy expires, so that we can be ready to implement it on the 18th of the month, he added.
The bill being prepared by the Ministry of Finance is expected to extend the subsidy until the end of November.
He mentioned that there is a limit set by the EU for reducing the consumption tax on fuel by each state and added that Cyprus has reduced the tax to the maximum allowable level.
The spokesman noted that the consumption tax on fuel is over 50%.
(Source: InBusinessNews)
