Cyprus Mail
Cyprus

Diesel subsidy for agricultural sectors

The cabinet has approved fuel subsidies for the agricultural and fisheries sector to help boost competitiveness and sustainability in the sector, and to offset a new tax on coloured fuel.
The sector is already entitled to tax-free coloured diesel. The new measure, which is part of a scheme for further support announced by the agriculture ministry, aims help producers reduce their expenditure on diesel and bring down production costs.
The beneficiaries will be all those already entitled to the coloured fuel who will now have ten per cent shaved off of the total cost of the amount of tax-free fuel they use for agricultural vehicles. The move is also to partly offset the introduction of a small tax of €0.021cents per litre on the coloured fuel, which is required by EU regulations.
“Despite the introduction of the minimum taxation rate in coloured fuel that until today had zero taxation it is estimated the sector will benefit to the tune of €593,000 in total savings,” the ministry said.

Related Posts

Coronavirus: 1690 reinfections in 10 days

Gina Agapiou

Teens arrested for suspected bike theft

Jonathan Shkurko

Snow and rain as Elpis weather system affects Cyprus

Nick Theodoulou

Nicosia hopes UNSG to appoint envoy to facilitate resumption of peace process

Coronavirus: Ministry proud of ‘ground-breaking’ test to stay

Gina Agapiou

Two more arrests in Chlorakas

Jonathan Shkurko