Cyprus Implements Economic Support Measures

Most of the eight measures announced by President Christodoulides last Thursday to relieve households and support the economy came into effect today.

The measures include a subsidy scheme for farmers to purchase fertilizers and other agricultural supplies, covering 15% of the cost for April and May. Additionally, the Green Tax on fuels will not be imposed.

Subsidies are also being provided for nearly one-third of the earnings of employees in the hotel industry for units and tourist accommodations that will be operational in April. A support plan for airlines is also being implemented to ensure uninterrupted connectivity between Cyprus and key tourist markets.

A reduction of 8.3 cents per liter in the excise duty on gasoline and diesel is expected to be implemented tomorrow. From May 1st and for the next 11 months, the VAT rate on electricity will be further reduced to 5% for all domestic consumers.

Meat, poultry, and fish will be included in the zero VAT list from Monday until September, excluding their derivatives such as burgers, chicken nuggets, sausages, and canned fish.

Source: RIK Radio