Cyprus Chamber of Commerce welcomes support measures — ‘entire economy to benefit’

The Cyprus Chamber of Commerce and Industry (Keve) this week released a statement expressing satisfaction with the newly announced government support measures, originally unveiled by President Nikos Christodoulides on Wednesday.

The new support measures aim to alleviate the impact of rising energy costs, inflation, and other related challenges faced by businesses and households.

Specifically, the electricity subsidy, applicable to residential, commercial, and industrial consumers, will last until April 30, with a variable rate based on consumption.

Additionally, vulnerable consumers receive a 100 per cent subsidy on any increases in the basic tariff.

Moreover, the fuel tax subsidy, reducing tax on fuel by 8.33 cents per litre, will now expire on March 31.

Cash support measures include €250 per child for single parents and increased subsidies for internally displaced persons for mortgages, home repairs, and student maintenance costs.

What is more, the government also eliminated the €350 annual company levy.

“The Cyprus Chamber of Commerce expresses particular satisfaction with the extension of electricity subsidies for industries until April 30 and the abolishment of the €350 fee for businesses, a longstanding request by the chamber,” the announcement said.

“These two measures are expected to facilitate businesses in their operations and reduce their operational costs,” it added.

Furthermore, Keve said that it “believes that the philosophy behind these measures, which are targeted and within the financial capabilities of the state, aligns with the chamber’s longstanding positions”.

“At the same time, the package of measures is expected to have a positive impact on the entire economy, offering significant relief and support to businesses, households, and vulnerable population groups during these challenging times,” the chamber concluded.