The Merseyside club immediately announced they will appeal against the punishment.

The Toffees had already been hit by a six-point sanction this season relating to breaching PSR in the assessment period up to the 2021-22 season.

That was originally ten points but was reduced on appeal.

The latest penalty is for the three-year cycle to 2022-23, dropping them one spot to 16th, two points above the relegation zone. A 1-0 win over Burnley on Saturday, secured by Dominic Calvert-Lewin's goal, had moved them four points clear,

The Premier League said in a statement on Monday: "Over a three-day hearing last month, the independent commission heard evidence and arguments from the club in respect of a range of potential mitigating factors for its admitted breach of Stg16.6 million ($A32m), including the impact of its two successive PSR charges.

"Having done so, the commission determined the appropriate sanction to be a two-point deduction, taking effect immediately."

Everton responded: "While the club's position has been that no further sanction was appropriate, the club is pleased to see that the commission has given credit to the majority of the issues raised by the club, including the concept of double punishment, the significant mitigating circumstances facing the club due to the war in Ukraine, and the high level of co-operation and early admission of the club's breach.

"Everton remains committed to working collaboratively with the league on all matters relating to PSR but is extremely concerned by the inconsistency of different commissions in respect of points deductions applied.

"The club and its legal representatives have begun the preparations to appeal the commission's decision."

Australian Associated Press