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Compatriots,
Knowing very well the challenges faced by households and businesses, in October 2023 we announced a comprehensive support package of 196 million euro. In October 2023, we announced a €196 million package that included, among other things, a graduated subsidy for the increase in electricity costs, the reduction of fuel excise duty rates, the application of a zero VAT rate on basic necessities, the extension of benefits and one-off support for our vulnerable compatriots, as well as medium-term measures aimed at finding permanent and sustainable solutions to reduce energy costs and ensure affordable housing.
All of the above has been made possible precisely because of our responsible fiscal policy and our unwavering commitment to creating conditions for sustainable growth that allow us to pursue a targeted social policy aimed at improving the daily lives of citizens and strengthening the competitiveness of businesses.
As I mentioned on 19 October 2023, during the presentation of the first package of support measures, only through such responsible approaches, far from More specifically:
1.
1. Extension of the excise duty reduction measure on motor fuels until 31 March 2024.
3. One-time support to households receiving relevant benefits from the State Ministry of Social Welfare on the basis of income criteria. More specifically. Families with more than four dependent children will receive an additional amount.
B. One-off support for each child with a maximum amount of 250 euros for all families. Families with more than four dependent children will receive an additional amount.
C. Households receiving Minimum Guaranteed Income not included in the above categories will receive a corresponding lump sum.
More than 27,000 families will benefit from these measures.
4. To support large families and taking into account the great interest shown in the purchase of electric cars through the recently announced electric car sponsorship scheme, we are increasing the budget by EUR 2 million.
5. Specifically for the refugee world, the enlargement of the beneficiaries as well as an increase in the amounts in relation to the Central Equal Burden Sharing Agency projects. More specifically. Increase of the subsidy from EUR 50 000 to EUR 100 000 for housing repairs without income criteria.
C. Increasing the subsidy for students by including their maintenance costs in addition to tuition fees, while at the same time the amount of any scholarship will not be deducted, as was the case until now, from the amount of the student loan.
D. New loan schemes involving the renovation of housing, the purchase of household appliances and energy upgrading in existing housing, without income criteria.
E. Extension of the beneficiaries of the Young Entrepreneurs' Business Start-up Loan Scheme.
F. For properties in the occupied territories, which were used for a loan and subsequently repaid, can now be used again upon application to the Central Entity for Equal Burden Sharing.
G. Loan or interest rate subsidy plans granted by the Entity will no longer be counted.
H. Applications for mortgage loans will not take into account whether applicants have another owner-occupied residence, unless previously approved by the Entity for that residence.
6. For additional relief, but also to support businesses, abolition of the annual company tax of EUR 350 imposed in 2011.
7. Recall that the reduced or zero VAT rate on essentials will continue to be in force until the end of May.
Finally, note that the Interest Rate Subsidy Scheme for Mortgage Loans for the purchase and construction of first homes, which we announced in October 2023, has received the relevant approval of the European Commission and will enter into force immediately.
Friends,
In October 2023, we announced a package of measures worth 196 million euros. The new package of targeted measures that I announced today, which exceeds €60 million, not counting the amount of support for the Equal Burden Sharing Body that I have just announced, is within our fiscal capacity and on the basis of the stable growth path of the Cypriot economy. I would like to reiterate once again that the guiding principle of our actions is to strengthen the social protection network of our vulnerable compatriots and, of course, to support the middle class. Above all, however, with responsibility, perseverance and a people-oriented approach for the Cyprus we want.
Thank you very much.
(PM/AF/GC)
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