Green taxes are expected to be introduced in 2021, Finance Minister Harris Georgiades said earlier in the week at a 3-day Global Conference on Environmental Taxation, organised by the Cyprus University of Technology (Greek: Τεχνολογικό Πανεπιστήμιο Κύπρου) or ‘ΤΕΠΑΚ’ in Limassol.
Mr Georgiades stated that the present patterns in the economy are toward ecologically driven taxation changes, with the alleged Green Tax Reform generously raising taxation on highly energy extensive and Co2 emitting substances, objects and actions.
The new model also demonstrates a relative decrease in tax assessment on business, for instance to commitments regarding staffing and employee costs. Cyprus is moving towards this; with hopes that by the time the open conference is held almost one year from now, the bill will be drawn up for proposition and implementation with national legislation by 2021.
The service of account is in contact with the scholarly network likewise at European level so as to conclude this proposition; clarifying this was a ‘duty nonpartisan change’ implying that the taxation rate won’t be expanded by and large, nor diminished.
“Green tax doesn’t mean a taxation increment or decrease, it signals change and a redistribution among expenses, rather, the change is being executed to accomplish natural objectives that are authoritative for the island to help tax planning aggression and employment stimulation’.
During his speech, the Minister finalised by stating that he is convinced of the successful outcome that the reform effort will bring, assuring congress members that he will continue to offer his help and support, even after stepping down from his post next year. Experts from around the world are participating in the conference on research on the impact of budgetary reforms (taxes, subsidies, emissions trading, etc.) on the environment and economic development.