The Cyprus government keeps cards close to its chest when it comes to upcoming new fuel taxes as part of a green taxation reform imposed by the European Union.
Implementation of the green taxation which is set for the beginning of 2024 will come as prices at the pumps are already rocket high, Philenews reported on Wednesday.
But even though the imposition of this new ‘painful’ for consumers tax is just a few months away, neither the island’s political parties nor House MPs or social partners are thoroughly informed on this.
Officials on Tuesday assured the House Energy, Trade and Industry Committed that compensatory measures are being drafted to mitigate the impact on consumers.
These compensatory measures will be determined after the completion of a relevant study conducted by the Centre for Economic Studies of the University of Cyprus.
The Centre will look at various scenarios and assess the impact of green taxation on households, depending on their composition and income levels, as well as on businesses.
The green taxation comes in accordance to Cyprus’ commitment to the EU Recovery Plan.