The President of Cyprus outlined measures to support the population and businesses

The Cabinet of Ministers of the Republic of Cyprus has approved seven measures to support the population and businesses in the fight against inflation. For these purposes, €60 million has been allocated from the state budget.

In his address to the nation regarding the adopted support measures, President Nikos Christodoulides explained the following:

According to the head of state, a decision has been made to extend the subsidy period for electricity costs until April 30, 2024. For vulnerable population groups, subsidies will cover 100% of the increase in electricity prices. The duration of reduced excise duties on gasoline and diesel fuel has been extended until March 31, 2024.

A decision has been made to provide one-time support to families receiving social benefits based on income criteria. The maximum amount will be €250 per child. Additional financial assistance will be provided to families with more than four dependent children.

Subsidies for the purchase of electric vehicles to support large families have been increased to €2 million.

Additionally, the cancellation of the annual fee introduced in 2011 for companies in the amount of €350 to support businesses has been envisaged.

The reduced or zero VAT rate on essential goods will be extended until the end of May.

Furthermore, a package of measures for refugees from the TRNC and their children and grandchildren has been provided. It includes increased subsidies for mortgages and home repairs, additional benefits for students, and an expansion of the number of participants in the financing program for young entrepreneurs.