News Local Coronavirus: Proposal for 10% cut in electricity prices for 3 months

Coronavirus: Proposal for 10% cut in electricity prices for 3 months

The government has proposed a 10% cut in electricity prices for three months, Finance Minister Constantinos Petrides said on Wednesday.

It is one of six measures approved by cabinet today to shore up business, workers and vulnerable groups from the impact of the coronavirus epidemic. Other measures include a cut in VAT from 19% to 17% for two months and a three month suspension to foreclosures by Kedipes.

In a message on Twitter, the minister that the government’s proposal was submitted to the Cyprus Energy Regulatory Authority.

It provides for a 10% cut in charges for the consumption of electricity for a period of three months.

Cyprus is in near lock down, with a large number of businesses closed and others operating on skeleton staff. The government has unveiled a 750 million euro package to support businesses, workers and the vulnerable as Cyprus braces for the economic fallout from the crisis.

Cheaper electricity would offer some relief to both beleaguered businesses and consumers.

Meanwhile, an official announcement listed the measures adopted at Wednesday’s meeting of the Council of Ministers as paert of the support package.

  1. Bill that will suspend until the end of April the requirement to submit a VAT tax declaration and payment, provided the outstanding VAT is paid by November 10 and the outflow in the past 12 months prior to the tax period does not exceed 1 million euro.
  2. Bill lowering VAT from 19% to 17% for two months from April 1 to May 31. The lower VAT rate will be reduced to 7% from 9% for 3.5 months from April 1 to July 15.
  3. GHS contributions to remain at the current level for April and May. The March contributions will remain at the previously scheduled higher rate.
  4. A proposal to cut electricity prices by 10%
  5. Three month suspension of foreclosures by Kedipes
  6. Three month extension to submitting necessary documentation for all those who applied to join Estia

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