Cyprus is preparing to reduce the consumption tax on heating oil by 6.39 cents per litre, including VAT, with the measure expected to take effect on Friday, 23 October.
The House Finance Committee decided at its meeting on Monday, 19 October, to refer the proposed legislation to the House plenary on Thursday, 22 October, with the aim of implementing the measure the following day.
Government backs immediate implementation
According to Pantelidis, the committee requested that the measure take effect immediately rather than waiting until November.
“The committee decided to request this, but the truth is that the Finance Minister also expressed his willingness to proceed with the immediate implementation of the measure and not wait until November,” he said.
The proposed measure would reduce the consumption tax on heating oil by 5.37 cents per litre, equivalent to 6.39 cents when VAT is included.
The reduction is intended to lower the tax burden on households using heating oil. Its implementation remains subject to the legislative process.
Also read: Zero-VAT scheme faces scrutiny as inflation reaches 5.2%
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