Τhe Government is doing everything it can to respond to the cost of living increase, always within the framework of sound public finances and its European obligations, the Ministry of Finance has said in a press release.
As noted, the Ministry has been assessing geopolitical developments and their impact on citizens' daily lives every day. It has taken specific relief measures against the rising cost of living for all citizens, and especially for vulnerable groups.
Specifically, the measures currently in force include zero VAT on essential products, such as fresh fruit and vegetables, meat, poultry and fish, infant milk, nappies for children and adults, and feminine hygiene products, a reduced 5% VAT rate on electricity, which benefits around 33,000 low-income households and single-parent families, a reduction in excise duty on motor fuels of 8.33 cents per litre, and an increase in child benefits, together with higher income eligibility thresholds.
It is added that workers and households also benefit significantly from the tax reform, especially from raising the tax-free income threshold to €22,000 and from substantial tax deductions.
“These measures show the benefits of responsible economic policy, fiscal surpluses and falling public debt reaching society in practice. The Government of Nikos Christodoulides continues to monitor citizens' needs. The Ministry of Finance is already preparing additional measures to submit to the Council of Ministers”, it is stressed.
“We therefore understand any protests as a democratic right. However, the Government is not standing idle. It is doing everything it can to respond, always within the framework of sound public finances and its European obligations”, the Ministry concluded.
(Source: CNA)
