Cyprus: Direct and indirect tax measures approved by Cabinet of Ministers
The Cabinet of Ministers approved a number of direct and indirect tax measures
The Cabinet of Ministers approved a number of direct and indirect tax measures
The Cabinet of Ministers approved a number of direct and indirect tax measures including:
- Graduated subsidies on electricity costs
- Reduction of excise duty on motor fuels
- Reduction of excise duty on heating oil
- Solar PV for all project
- Photovoltaics in business project
- Application of zero value added tax (VAT) rate on basic goods—adding meat and vegetables
- Inclusion of students of large families in the child benefit
- Increase of 5% in the child allowance
- Allowance for disabled persons
- Rent allowance for minimum guaranteed income recipients
- A 2% subsidy scheme for housing interest rate subsidy
Read an October 2023 report prepared by the KPMG member firm in Cyprus
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.