Parliament has rejected legislation proposed by AKEL party that would have imposed a 5% levy on bank profits for 2024 and 2025.
The bill, which would have raised an estimated €100 million over two years to fund housing schemes and interest rate subsidies, was defeated with 25 votes against from DISY, DIKO, DEPA parties and MP Alexandra Attalidou, while 25 MPs voted in favour, including members from AKEL, ELAM, EDEK, the Greens, DIKO MP Zacharias Koulias and independent MP Kostis Efstathiou.
Four MPs abstained from the vote: DIKO MPs Pavlos Mylonas and Christos Orphanides, DEPA MP Michael Yakoumis, and independent MP Andreas Themistocleous.
The proposed levy would have directed funds to the Republic’s Consolidated Fund to support various citizen welfare schemes, including housing initiatives and interest rate subsidies.
The contentious parliamentary session was characterised by heated exchanges, accusations, and behind-the-scenes consultations before the final vote.
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