Just days before he met with President Joe Biden for a face-to-face debate in June, Donald Trump sat down for an interview with Bloomberg Businessweek. The former president spoke about his views on everything from green energy and diet coke to foreign policy and his tax plan. He also floated JPMorgan Chase CEO Jamie Dimon … Read more
Global Tax Agreement: Details & Analysis | EU Global Minimum Tax Skip to content Home • Blog • The Latest on the Global Tax Agreement See Full Timeline In recent years, countries have debated significant changes to international tax rules affecting multinational companies. In October 2021, after negotiations at the Organisation for Economic Co-Operation and … Read more
Two new electric vehicle charging points were opened in Nicosia. The city aims to minimize its carbon footprint by reducing pollution created by cars and facilitating access to environmentally friendly forms of transport. The government set a target of having 80,000 electric vehicles in Cyprus by 2030.
Fuel prices in Cyprus are expected to increase significantly at the beginning of April due to the end of government subsidies. Initially, there will be an 8.3 cent hike per litre on petrol and diesel and a 6.3 cent increase on heating oil starting April 1. Additionally, a new green tax could add another five cents per litre, with the tax expected to increase annually, reaching 25 cents by 2033. The finance ministry aims to implement the green tax from April 1, potentially raising fuel prices by at least 14-15 cents per litre. The director of the consumer protection service mentioned that the return of the consumption tax on fuel is expected at midnight on March 31, but the impact might be somewhat mitigated by the recent stabilization of global oil prices. Cyprus is among the EU countries with the cheapest fuel, based on the European Price Observatory. The public consultation on the green tax bill has been completed, and its introduction is expected in 2024, with compensatory measures for vulnerable groups. The end of the fuel subsidy and the imposition of the green tax are seen as adding significant costs to consumers and businesses, with an estimated total increase in fuel prices of about 10 percent. Despite the increases, prices are not expected to surpass the record high of €1.83 per litre set in July 2022. The government had previously reintroduced the subsidy after motorists began traveling to the north to fill up their tanks due to high prices. There is also a call for changing the law so that new fuel prices come into effect at 6am instead of midnight to prevent a rush on petrol stations.