Cyprus MOF Announces Excise Tax Reduction for Fuel, Extension of Reduced VAT Rates for Electricity

The Cypriot Ministry of Finance March 3 announced an excise tax reduction for fuel and the extension of the reduced VAT rate for electricity. The announcement includes: 1) the 7 cents excise tax reduction per liter for gasoline and oil; 2) the 6.4 cents excise tax reduction for heating oil; 3) the extension until June 2022 of the 5 percent reduced VAT rate on electricity consumption for vulnerable households; and 4) the extension until April 2022 of the reduced 9 percent VAT rate on electricity consumption for other households. [Cyprus, Ministry of Finance, 03/03/22]

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