The Parliamentary Economic Committee discussed a bill to abolish the imposition of income tax on tips received by employees under contract in the state service and broader public sector.

During the committee session, a representative of the Ministry stated that the amendment aims to ensure equal treatment and coherence with the existing institutional framework. The representative highlighted that the taxation of lump-sum payments has already been abolished for those hired before 2011 and those included in the new professional pension plan.

Furthermore, it was clarified that the law will not have retroactive effect but will apply from the day of its publication.

Moreover, the Parliamentary Economic Committee unanimously agreed on the appointment of Economist Marios Zachariades as a member of the Fiscal Council.

The Council of Ministers had decided to appoint Mr. Zachariades to the Fiscal Council, replacing Andreas Charitou, who was appointed to the Board of the Central Bank.

The Fiscal Council consists of three members. The term of its President, Michalis Persiani, ends in 2026, and the term of member Alkis Loizides concludes in September 2024. Mr. Zachariades will serve the remainder of Mr. Charitou's term until June 2026.

It is noteworthy that Mr. Zachariades has previously been a member of the Fiscal Council when it was first established.