AKEL proposes taxing bank profits for public relief
AKEL has submitted a bill proposal to tax unexpected bank profits in order to help those struggling with high loan installments due to interest rate hikes. The proposal includes a 5% special levy on net interest income for 2023 and 2024, with expected revenues of €50 million per year going towards interest subsidies for housing loans. AKEL believes the government is not adequately addressing the issue and aims to provide real relief to households and small businesses.