Cyprus Parliament Approves Fuel Tax Cut with Emphasis on Oversight

The House of Representatives unanimously approved the reduction of the excise duty on motor fuels, with 46 votes in favor. The aim is to alleviate the increased costs for consumers, following a proposal by the Government due to the consequences of the conflict in Iran.

The regulation provides for a tax reduction until the end of June, with a fiscal cost of €18.6 million. The possibility of an extension will be re-examined.

MPs from various parties (DIKO, EDEK, ELAM, AKEL, DISY) stressed the need for increased oversight to ensure that the reduction is passed on to consumers and to prevent profiteering. Reduction of VAT and imposition of a price cap were also proposed.

AKEL MP, Kostas Kosta, denounced insufficient control and excess profits, referring to a report by the Audit Service.

Source: CYBC