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Cyprus to implement green taxation by May, final adjustments underway

08:00 - 12 February 2025

Economy Reporter

The government is entering the final stage of preparation for the implement of green taxation, which is expected to take effect by May, Finance Minister Makis Keravnos has said.

Speaking to the press on the sidelines of the recent General Assembly of the Cyprus Tourism Businesses Association (STEK), Keravnos said that Cyprus was obligated to enforce this tax as part of prior commitments.

He noted that while the government was ready to move forward, final adjustments to compensatory measures were still being finalised before the relevant legislation was completed.

"The green taxation and the compensatory measures will be announced simultaneously," Keravnos said.

Tax reform presentation scheduled

The Minister also announced that a comprehensive tax reform presentation will take place on February 26, after which the reform process will start.

He highlighted that the reform would include provisions related to the green transition, aligning with Cyprus' broader environmental and fiscal policies.

(Source: CNA)

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