Following intense negotiations and discussions, and after considering the possibility of postponing the vote, the Plenary of the Cyprus Parliament voted and approved, late on Thursday night, the bill proposed by the Government for the abolition of the €350 company levy.

This development led to the withdrawal of the six related proposals that had been submitted by the parties.

It should be noted that the cost to the fiscal budget from the complete abolition of the levy amounts to approximately €40 million annually.

In a highly charged atmosphere and after extensive discussions, the Plenary decided that members of the Parliamentary Committee on Commerce should leave the Plenary to discuss the bill concerning the abolition of the company levy. This was because the MPs could not agree on whether to vote on the proposed laws or the bill.

Ultimately, the Parliamentary Committee on Commerce decided to put the bill to a vote in the Plenary.