AKEL submits proposal for taxation of excess profits from Renewable Energy Sources (RES)

 

Stefanos Stefanou again calls on the President to withdraw the referrals of the laws passed to reduce taxes on energy

14 September 2022, AKEL C.C. Press Office, Nicosia

AKEL will in the coming days submit to the House of Representatives a draft bill for a law to tax super profits from the exploitation of Renewable Energy Sources aiming at the establishment of a fund whose revenues will be used for programmes that will provide support to groups in need.

AKEL’s initiative was announced today, as part of a tour of the Municipality of Geroskipou and Paphos, by Party General Secretary Stefanos Stefanou, stressing that the Party’s proposal, as well as the laws passed by Parliament to reduce taxes on electricity and fuel, are as timely as ever before.

The General Secretary of AKEL recalled that he recently sent a letter to the President of the Republic stressing that the President must withdraw the referrals to the Supreme Court of the three laws approved by the majority of Parliament for the reduction or even abolition of VAT on electricity and fuels.

“Our proposal must be implemented because it will reduce the cost of electricity and fuel which will have a positive impact on other essential products,” the General Secretary of AKEL underlined, pointing out that similar actions are being taken by EU member states and the EU itself with a positive impact on providing relief to citizens from the ongoing price hikes. He also recalled that the government has increased state revenues, due to the price hikes and increases, of 860 million euros in the first seven months of 2022. These revenues have come out of citizen’s pockets already being squeezed by the upward trend of price hikes.

Regarding the Geroskipou Municipality, the General Secretary of the C.C. of AKEL recalled that AKEL waged a real battle to preserve it within the framework of the Local Government Reform, since the government’s bill provided for Geroskipou’s participation in the Paphos Municipality. S.Stefanou stated that, “we succeeded, in cooperation with other parties and local forces here, in maintaining the Geroskipou Municipality as a key axis for the development of the eastern Paphos region”.

Stefanos Stefanou noted that together with the Municipal Council of Geroskipou and organised groups they will discuss “how to move towards the implementation of the law for the establishment of the new Municipality. There are numerous problems that need to be solved for the benefit of a smooth transition to the new reality, to give the new Municipalities the possibilities to produce work for the benefit of citizens and society.”