NewsLocalOpposition AKEL propose 90% tax on energy companies’ super profits  

Opposition AKEL propose 90% tax on energy companies’ super profits  

Main opposition AKEL propose that super profits recorded since the summer of 2021 by the island’s energy companies be taxed by 90% and not just have a cap imposed.

The left-wing party went as far as to submit on Thursday two relevant proposals on the hot issue, Philenews reports.

The proposals also provide a tax on excess profits by oil companies even though they keep insisting no increased profits were recorded during the period of large price rises in international markets.

For the time being, it is uncertain whether the government is willing to discuss AKEL’s proposals.

What’s notable is the second proposal by the opposition party which provides for the amendment of the law on taxation on profits of electricity suppliers from Renewable Energy Sources.

AKEL specifically requests the taxation, also at 90%, of the windfall profits of the island’s four licensed companies for the year 2022.

The same rate of taxation will apply to the windfall of fuel distributors (not gas stations) and oil companies – again for 2022.

 

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