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Cyprus to Implement Green Tax Reforms in May 2025
The Cypriot government has announced plans to introduce a series of green tax reforms starting in May 2025. This initiative aims to align the nation's fiscal policies with environmental sustainability goals and address obligations stemming from previous European Union commitments
Finance Minister Makis Keravnos emphasized that these reforms are part of Cyprus's broader strategy to promote eco-friendly practices and reduce the country's carbon footprint. The green taxes will target sectors contributing significantly to environmental degradation, encouraging businesses and individuals to adopt more sustainable behaviors.
The implementation of these taxes is expected to generate additional revenue, which the government plans to reinvest in green infrastructure projects and renewable energy initiatives. By doing so, Cyprus aims to foster a more sustainable economy and meet its climate targets in line with EU directives.
Stakeholders, including businesses and environmental groups, have been invited to engage in consultations to ensure a balanced approach that supports economic growth while achieving environmental objectives. The government assures that measures will be taken to mitigate any adverse effects on vulnerable populations, ensuring a fair transition towards a greener economy.
Market Cyprus - News Service
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