Green Taxation Timeline Clarified by President Christodoulides
In a recent statement, President Nikos Christodoulides has clarified the timeline for the implementation of green taxes, aiming to dispel any confusion surrounding the initiative’s commencement. Contrary to the belief that the green taxation would be effective from April 1, the President confirmed that the measures are slated to begin by the end of 2024. This announcement came ahead of a cabinet meeting where the President emphasized the government’s commitment to environmental sustainability.
The President highlighted that alongside the green taxation, the government is actively working on developing compensatory measures and incentives. These measures are designed to encourage both consumers and businesses to adopt energy-saving practices and other eco-friendly behaviors. The development of these strategies involves collaboration with various stakeholders to ensure a balanced approach that supports the transition towards a greener economy.
During his address, Christodoulides called upon his cabinet to engage in discussions about these compensatory measures in their upcoming Wednesday meeting. “I want to hear your recommendations,” he stated, underlining the participatory approach the government is taking in shaping these environmental policies.
Earlier in March, Finance Minister Makis Keravnos reassured the public that the forthcoming green transition, including the associated taxes, would not adversely impact households or businesses. The President also drew attention to the significance of a report by the International Monetary Fund on the operation of semi-governmental organizations. Christodoulides expressed that strengthening the framework for supervision and operation of these entities is imperative and urged for the swift adoption of specific proposals outlined in the report.
With these developments, Cyprus is poised to take significant strides towards integrating environmental considerations into its fiscal policies, while ensuring that the transition is equitable and supportive of all stakeholders involved.
