The EY Cyprus Seminar on green taxation and sustainability emphasized the urgent need for businesses to comply with EU sustainability mandates, adapt to ESG standards, and explore the benefits of carbon credit generation in Cyprus to avoid taxation penalties. With expert insights from influential figures like Marilena Raouna and Shawn Maher, the seminar highlighted the critical importance of early adoption of sustainability practices and the integration of sustainability data in corporate reporting for a more ecoconscious future.
Cyprus is facing challenges with implementing environmental taxation, including concerns over high costs and fairness. The country is also struggling to transition to solar energy and electric vehicles due to limitations with its power grid. Balancing these issues with public opinion and technological readiness will be crucial in shaping Cyprus’s environmental roadmap.