13 December Daily News Briefing

Cyprus Beat

In today’s episode, a proposal to impose a 5% tax on bank profits, framed by Akel as a measure to aid vulnerable groups, was defeated in parliament on Thursday after a deadlocked vote of 25-25, with four abstentions. The bill, which Akel described as a “solidarity levy,” aimed to raise €100 million over two years to support housing and lending schemes for those impacted by inflation.

Elsewhere, MPs narrowly approved a bill on Thursday to increase the levy on net betting earnings from 3% to 4.5%, with the additional funds directed to football clubs and their academies. The legislation passed with 27 votes in favor and 25 against, sparking criticism over its implications.

All this and much more in today’s Daily News Briefing brought to you by the Cyprus Mail.