Keravnos: Compensatory measures being considered after abolition of reduced fuel tax

08:16 - 27 March 2024

Economy Reporter

Finance Minister Makis Keravnos has said that the government is in the process of reviewing and reflecting on targeted compensatory measures, as a result of the abolition of the reduction in fuel consumption tax, scheduled for 1 April.

Speaking on 26 March, he expressed the hope that, at the end of the month, there would be some announcements in this direction. He also indicated that Cyprus has the lowest prices in the EU.

Keravnos also clarified that the green tax will not be imposed from April 1st and expressed his surprise how this issue became dominant in the public debate.

The Minister spoke to the press following a Cabinet meeting and was asked to reveal some of these measures. He said that nothing is ready that he could or not reveal.

He reminded that in the previous package of measures to deal with the hike or prices there was a one-time funding for some categories such as single-parent families, vulnerable groups and the middle classes.

Therefore, the Finance Minister said, there is a comprehensive approach to the whole issue and in the next few days there will be announcements.

He also said that the European Union, the International Monetary Fund and other organisations that still supervise us have indicated that horizontal measures should be abandoned, pointing out that we have said this many times in the past.

The Minister of Finance said that for green taxation and the imposition of a fee, our obligation is for next September or October and we still have time to study the compensatory measures that will be introduced alongside this taxation.

(Source: CNA)

Keravnos: Compensatory measures being considered after abolition of reduced fuel tax

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