President Nikos Anastasiades will hold a brainstorming meeting with energy ministers and officials on Friday to curb the rise in electricity prices in the tide of inflation.
The Presidential Residence Meeting, which begins at 9:30 am, aims to find ways to lower electricity prices with the participation of the Minister of Finance, the Regulatory Authority (CERA) and the Cyprus Electricity Authority.
The conference will be held in the midst of protests from consumer groups and trade unions over high energy costs. Together with the opposition, it has issued a request to reduce electricity-burdening taxes, including value-added tax on the cost of greenhouse gas purchase rights.
The main opponent, Akel, has even called for the abolition of the value-added tax on electricity consumption tax.
At the same time, Friday’s agenda also includes the possibility of taxing the profits of some solar power plants.
However, this tax does not generate significant income that could significantly reduce consumer charges.
Approximately 70% of electricity prices are affected by international oil prices and greenhouse gas rights purchased by the EAC.
Soaring electricity prices have put Cyprus families in poverty.
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