Rejection of Proposal for Tax on Banks' Super Profits
December 12, 2024
The proposal by AKEL to impose a 5% tax on the banks' super profits was rejected by the Parliament. The discussion was tense and filled with confrontations, with 25 members voting against the proposal. Support for the proposal came mainly from AKEL and other smaller political parties. The proposed tax could have raised up to €100 million for citizen support through housing schemes.