Nicosia: The Ministry of Finance is expected to propose the extension until November of the reduced excise tax on fuels, by 8.33 cents, which ends on September 17, a representative of the Ministry of Finance told the Standing Committee on Energy, on Tuesday.
According to Cyprus News Agency, the representative of the Ministry of Finance was responding to a question from the AKEL MP Andreas Pasiourtides during the Committee session. The bill "is in our plans, and was approved by the Minister," she said, adding that it is expected to go for approval to the Cabinet and to be submitted to the Parliament before September 17, when the subsidy ends, so that we are ready on the 18th of the month for it to be implemented.
The draft bill that is being prepared by the Ministry of Finance is expected to extend the subsidy until the end of November.
The Ministry representative pointed out that there is a limit from the EU for the reduction of the excise tax on fuels by each state and added that Cyprus has reduced the tax to the maximum allowable level. She also noted that the excise tax on fuels is over 50%.