Following on the heels of Italy and Denmark, who have already promoted distinctly ‘green’ agendas early in 2024, Cyprus is the latest European country to announce yet another environmental initiative.

The Cypriot Ministry of Finance is seeking feedback on two draft bills which cover a range of environmental objectives. These include:

• Imposing a carbon tax on energy products exempt from excise duty payment.
• The application of VAT on energy products.
• The consideration for specific classes of gasoline to be exempt from taxation.

Feedback was due by 19 March 2024.

Tungsten Automation will follow the progress of the draft bills and consider our obligations in respect of it.