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Finance Minister underlines Cyprus’ particularities at ECOFIN discussion

07/12/2022 09:28

Finance Minister Constantinos Petrides stressed the particularities of Cyprus with regard to the energy market, during his intervention at the Economic and Financial Affairs Council (ECOFIN) of the European Union which was held in Brussels on Tuesday.

The subject under discussion was a proposal for a Council Directive on the taxation of energy products and electricity (Energy Taxation Directive), which is part of the FitFor55 package.

Petrides noted that economic, geopolitical, geographical and social specificities of the Member States must be taken into account.

In this context, he focused on the particularities of the Cypriot case as an island and isolated state and on how important connectivity is for the country. Petrides expressed the view that there should be permanent exemptions from increased on energy products in the aviation and shipping sectors.

He also stressed that the geographical location and specificities of Cyprus create the need for permanent special treatment for the country regarding aviation and shipping services, without imposing additional taxation due to carbon dioxide emissions.