Green taxation: The immediate adoption of compensatory measures is imperative

Statement by Vakis Charalambous, member of the Central Committee of AKEL

4 March 2024, AKEL C.C. Press Office, Nicosia

The burden of the new “green” taxes will be borne in the immediate future by society and especially by the vulnerable strata of the population, with significant increases in fuel prices and more.

The new, unfair and levelling across the board taxes are being imposed at a time when fuel prices are rising, the cost of essential goods remains high and the cost of electricity and borrowing unbearable for many households and businesses.

Instead of demanding a deferral of the “green” taxes, the government has chosen to put an end to the fuel support measures at the end of the month.

Instead of immediately announcing compensatory measures, it has chosen to abolish the corporate tax across the board, giving millions to companies that are making super profits in unprecedented conditions of expensiveness and price hikes.

Society cannot be punished for the energy inefficiency of the State and be constantly burdened with new burdens, either in the form of new taxes or in the form of pollutants.

The immediate adoption of generous compensatory measures, particularly aimed at the middle and low-income strata, is imperative.

Raising revenues by taxing the exorbitant profits of energy companies can help towards this end.