The House Plenum on Thursday approved a bill to reduce excise duty on heating fuel. The measure will come into force on 23 October, rather than 1 November as originally proposed in the bill.
During the plenary debate, calls were made for further measures to ease the cost-of-living burden on citizens. Criticism was also voiced over the Government’s excess revenues, while some parties welcomed the introduction of what they described as ‘sensible’ measures amid an unstable geopolitical climate.
The decision to bring the measure forward, with implementation from midnight tonight, followed a unanimous decision by the House Finance Committee. It provides for a reduction in excise duty on heating fuels of 6.39 cents per litre, including VAT. The reduction will remain in force until 30 April 2027.
Specifically, the bill amends the Excise Duties Law to introduce temporarily reduced excise duty rates for products falling within specific categories of heating fuels.
The tax relief amounts to 5.373 cents per litre excluding VAT, or 6.39 cents per litre including VAT. The estimated cost to public finances is approximately pound 5.2 million.