Letter of the General Secretary of the C.C. of AKEL to the Finance Minister on the issue of taxation of windfall profits

 

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

The General Secretary of the C.C. of AKEL, Stefanos Stefanou, today sent a letter to the Minister of Finance, Constantinos Petrides, in which he reiterates his request (8th July 2022) for a meeting with the Minister of Finance on the issue of the taxation of windfall profits.

The letter is attached:

“On July 8, 2022, I wrote to you requesting a meeting to discuss a framework of thoughts on the taxation of windfall profits that we have prepared, but I regret to note that we have received no response whatsoever.

I would like to remind you that the issue of the taxation of windfall profits, which is a clear recommendation to member states from the European Council, was positively addressed by your side during the discussion held within the framework of the National Council session (20 June 2022) on price hikes and inflation.

AKEL reiterates the need for substantial measures to be taken in order to provide relief to society at a time when the price hikes of essential goods – especially electricity and fuel – is eroding the budgets of tens of thousands of households and squeezing the business activity of many, many SME’s. Taxing windfall profits is an important tool in the government’s hands to boost government revenues so as to provide further support to various groups. After all, this is already being done by several states across the EU and beyond.

Please respond to my request for a meeting with you to discuss this matter.”