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Cabinet extends energy, VAT support measures until October

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Cabinet extends energy, VAT support measures until October

Cyprus Extends Energy Vat Support Measures Until October

    The government extended its anti-inflation package for four months, aiming to ease the burden of rising prices on households and businesses.

    The Council of Ministers approved the extension on Wednesday.

    The extended measures include:

    • A tiered subsidy on electricity consumption charges for households, businesses , and industrial consumers, running until October 2024. Vulnerable consumers will continue to receive a full subsidy on the increase in electricity costs. The extension is estimated to cost €12 million and benefit 400,000 households and 100,000 businesses.
    • A zero VAT rate on basic goods, extended until September 30, 2024, at a cost of €11 million.
    • >

    Government Spokesman Konstantinos Lettymbiotis emphasized the administration’s commitment to responsible fiscal policy while providing targeted support.

    He highlighted efforts to strengthen the Cypriot economy, maintain a positive investment climate, and implement President Christodoulides’ plan for long-term solutions to energy inflation, including accelerating the transition to renewable energy.

    President Nicos Anastasiades had previously indicated the extension of these measures at the start of the Council meeting.

    The initial measures were implemented to address rising living costs.

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