With X ARXIGRAMMA. A new round of price increases will be found in the market and consequently households from 2022, due to the upcoming taxation of coal which will result in increased production costs as well as import of products. This will happen in the event that Cyprus does not adapt to the EU target of reducing greenhouse gas emissions by at least 55% by 2030 under the “Fit for 55” program. Carbon pricing, the so-called “carbon tax”, to be implemented from 2022 onwards, is one of the most cost-effective ways to reduce carbon dioxide emissions to the level and speed required, and Its main purpose is to discourage the use of fossil fuels. However, it is a tax that has a similar impact on lower or middle income taxpayers, as well as businesses. The presentation of the EU program took place yesterday in the parliamentary Committee on the Environment.
Coal taxation
According to what was said within the committee, from 2022 the gradual taxation of coal for all fuels used in the sectors of the economy will begin. The tax will apply to any liquid fuel used in Cyprus, ie gasoline, diesel, heating oil, LPG and light fuel oil.
More about the issue in the printed version of “P” and for the subscribers of POLITIS PREMIUM the digital version of the newspaper in PDF at the same time with its printed circulation daily from 05.00 in the morning.
