Cyprus approves €70m cost-of-living package including heating oil tax cut

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3 sourcesFirst reported 2 hours agoUpdated 1 hour ago

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The cabinet approved a €70 million package of measures to address the rising cost of living and inflation.
The tax on heating oil will be reduced by 5.3 cents per litre starting from November 1.
The support package also includes an extension of electricity subsidies and zero VAT on certain products.
Including measures already in place, the total cost of the government support reaches approximately €160 million.

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The Cypriot cabinet approved a new €70 million package of emergency measures on Wednesday to address inflation and the rising cost of living. When combined with support measures already in place, the total cost of government assistance reaches approximately €160 million.

As part of the newly approved package, the consumption tax on heating oil will be reduced by 5.3 cents per litre starting November 1. Additionally, the package includes an extension of electricity subsidies and the application of zero VAT on certain products.

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Cyprus approves €70m cost-of-living package including heating oil tax cut

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