Government of Cyprus to Start Consultation on Green Fiscal Reform
The 20th Global Conference on Environmental Taxation, organised by the Cyprus University of Technology, was held in Cyprus on 26-27 September 2019. GCET is the leading global forum for exchanges on the principles and practice of environmental taxation and other market-based instruments for promoting the transition to low-carbon and resource-efficient societies. The conference started with a talk by the Finance Minister of Cyprus Mr. Harris Georgiades, who declared that the government of Cyprus will open a public consultation in 2020 about the implementation of a green fiscal reform, with the aim to legally adopt this reform from 2021 onwards. Cyprus is among the EU Member states that are not on track to meet their greenhouse gas emission reduction commitments up to 2030. The proposal for a green tax reform, a key part of which is the gradual adoption of a carbon tax on all sectors of the Cypriot economy that are not subject to the EU ETS, is being prepared by the Finance Ministry of Cyprus together with Prof. Theodoros Zachariadis of the Cyprus University of Technology, EAERE’s Country Representative in Cyprus.