President Christodoulides on Wednesday announced a reduction in VAT on electricity prices for domestic consumption from 19% to 9%.
He mmade the announcement while reviewing the government’s work for 2024.
President Christodoulides stated, “As part of our policy for cheaper energy and broader tax reduction, as presented in our proposal for tax reform, I announce tonight the government’s decision to reduce VAT on electricity prices for domestic consumption from 19% to 9%.”
The President continued that they have proceeded with targeted actions to utilise natural gas in the country’s EEZ with the signing of two important agreements in Egypt for commercial exploitation of natural gas, while drilling is in progress with results expected in the coming days.
Regarding energy, the President mentioned in his address:
Implementing a roadmap for energy sufficiency and lower costs, while protecting the environment, they have proceeded with:
- Grant schemes for installation of storage systems in conjunction with renewable energy projects
- Grant schemes for energy upgrading and enhancing competitiveness of large enterprises
- “Save and Upgrade” grant schemes for homes, SMEs and non-profit organisations
- Establishment of a unified service for renewable energy projects
- Commencement of smart meter installation aimed at upgrading the electrical network and improving energy efficiency
- Publication of a regulatory framework for energy communities and pilot implementation of the Green Community institution in Kato Pyrgos Tillyria.
