A spokesperson for the Ministry of Finance announced to the Parliamentary Committee on Energy the Ministry’s decision to extend the 8.33-cent reduction in the excise tax on fuel, which was set to expire on September 17, was announced by a spokesperson for the Ministry of Finance to the Parliamentary Committee on Energy.
The Ministry of Finance spokesperson was responding to a related question from AKEL MP Andreas Pasiourtides during a committee meeting on Tuesday.
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“It is part of our plans; it has been approved by the Minister,” the bill is expected to go before the Cabinet for approval and be submitted to the House of Representatives before September 17, when the subsidy expires, so that we are ready to implement it on the 18th of the month, he added.
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The bill being drafted by the Ministry of Finance is expected to extend the subsidy until the end of November.
He noted that the EU has set a limit on how much each country can reduce its excise tax on fuel and added that Cyprus has already reduced the tax to the maximum permitted level.
He noted that the excise tax on fuel exceeds 50%.
Source: CNA
