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Wednesday, May 22, 2024

The Parliament approved tax deductions for energy upgrade costs

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<p data-block-key=The Plenary of the Parliament voted unanimously, with 46 votes in favor, a law to grant a deduction for capital expenditures carried out by legal entities and self-employed persons for the purposes of energy upgrading and saving energy.

The application period of the discounts covers the tax years 2023 to 2026.

At the same time, with 31 votes in favor and 14 against, an amendment by DISY and DIKO was approved, which increases the discount rate for the purchase of electric vehicles from 25% to 33%.

The law provides for the granting of a discount of 7% for capital expenditure, carried out to improve the energy efficiency of buildings.

Also, the granting of a discount of 20% for capital expenditure incurred on technical building energy efficiency systems, renewable energy systems, as well as the purchase and installation of batteries.

Expenses are also excluded from taxable income carried out by legal entities for the preparation of an energy saving study.

Also, the installation of recharging stations for electric vehicles is included in the eligible investments for the granting of a capital discount.

Source: KYPE

Source: reporter.com.cy

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