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Cyprus to Implement Green Tax Reforms in May 2025
Cyprus is set to introduce a new green tax regime in May 2025 as part of its commitment to environmental sustainability and compliance with European Union directives. The initiative aims to encourage eco-friendly practices among citizens and businesses by imposing taxes on activities and products that contribute to environmental degradation.
Finance Minister Makis Keravnos announced that the government is finalizing the necessary legislation and compensatory measures to ensure a smooth transition. The green tax will target sectors with significant environmental impacts, such as transportation and energy, by increasing taxes on fossil fuels and promoting the use of renewable energy sources. The revenue generated from these taxes will be allocated to environmental protection projects and initiatives aimed at reducing the country's carbon footprint.
To mitigate the financial impact on households and businesses, the government plans to implement compensatory measures, including subsidies and incentives for adopting green technologies and practices. These measures are designed to support the transition to a more sustainable economy without placing undue burden on the population.
The introduction of the green tax is a significant step towards achieving Cyprus's environmental goals and aligning with the EU's Green Deal objectives. By encouraging sustainable practices and reducing reliance on fossil fuels, Cyprus aims to enhance its environmental performance and contribute to global efforts to combat climate change.
Market Cyprus - News Service
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