Τax the huge-profits of the oil and gas companies in energy

Statement by AKEL Political Bureau member & Head of Economic Policy Charis Polycarpou

4 August 2022, AKEL C.C. Press Office, Nicosia

The UN Secretary General’s call for a tax to be imposed on the huge excess profits of major oil and gas companies in the energy sector should normally have armed the government with determination to proceed to seek changes for the benefit of society.

Instead, the government continues to hide. It is guided by petty political considerations that are first and foremost hurting working people and businesses. Without a comprehensive strategy to tackle price increases. Without any willingness to assert measures from the European Commission to provide support towards society with the government recycling decisions that do not affect powerful economic interests.

As long as the Anastasiades – DISY government is hiding behind convenient excuses, AKEL will continue to act seeking practical solutions.

It has elaborated a comprehensive proposal for taxing excess-profits in the energy sector and has already addressed the government, which is remaining silence. We call on the government to respond, hoping that this time another excuse will not be given.