News Local Government to introduce a “Green Tax Reform” by 2021 says Finance Minister

Government to introduce a “Green Tax Reform” by 2021 says Finance Minister

Minister of Finance Harris Georgiades said on Thursday that the government would introduce in 2021 a “Green Tax Reform”. Georgiades was speaking to the press on the sidelines of the 20th Global Conference on Environmental Taxation which took place in Limassol.

The Cypriot Minister said that modern trends of the economy are in the direction of environmentally friendly tax reforms, the so-called “Green Tax Reform” that increases taxation of energy-consuming products and on the other hand introduces tax reliefs primarily on labour, for example on social contributions paid by employees and employers.

He noted that Cyprus is moving in that direction and announced that his Ministry is currently finalizing a policy proposal, which will be launched for public consultation in early 2020, so that it could be implemented by 2021.

He continued by saying that the Ministry of Finance, was in contact with the academic community and with the European Union in order to finalize that proposal.

At the same time, the Minister clarified that “this should be a fiscally neutral tax reform”. As he said, the reform would be introduced, in order for Cyprus to achieve its binding environmental goals and to boost competitiveness and job creation.

During his speech at the Conference, Georgiades pointed out, that even though he would not be able to take the lead in that effort, as he stands down as a Finance Minister in a few weeks,  he was confident that the reform effort would be successful  and he would personally remain engaged and continue to offer his support.

The three-day conference on the impact of fiscal reforms on the environment and economic growth was attended by experts from all over the world.

(Cyprus News Agency)

Top Stories

Interior Ministry replies to private colleges about new criteria for foreign students

In reply to an announcement by the Union of Private Higher Education Schools, the Interior Ministry said that one would expect that the union...

Holy Synod decides to recognize autocephalous of Church of Ukraine

The difference among bishops regarding the recognition of the Independence of the Orthodox Church of Ukraine became evident when the issue was put to...

Tatar: 300 G/Cs apply to the “immobile property commission”

The opening of Varosha will continue until every square meter is open, new Turkish Cypriot leader Ersin Tatar said during an interview with Turkiye...

Government to receive almost 2 million euros from COVID fines

The government received almost two million euros in recent months due to violations of the measures for COVID-19. Of course, this money has not...

Cyprus records 1,400 cases of violence against women this year, so far

On the International Day for the Elimination of Violence against Women on Wednesday, police said a total of 1,400 such cases were reported in...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...