Cyprus government preparing new measures to tackle rising cost of living
The Cyprus government is developing additional measures to address the rising cost of living, while emphasizing it has already maximized available options without risking public finances or European commitments. The Finance Ministry stated it is closely monitoring geopolitical developments and their impact on households daily, maintaining a range of support measures for vulnerable groups. These include zero VAT on essential items like fresh produce and baby products, a reduced VAT on electricity for low-income families, and lowered excise duties on motor fuels.
Furthermore, the government has increased child benefits and expanded income thresholds alongside tax reforms such as raising the tax-free income threshold to €22,000 and introducing additional deductions. Finance Minister Makis Keravnos confirmed that a new cost-of-living relief package will soon be presented to the Council of Ministers. The ministry acknowledged public protests as a democratic right but stressed the government’s commitment to responding responsibly within fiscal and European limits.
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