The new governmental bill on the tax cut in cars will be submitted before the Council of Ministers on Wednesday, after the agreement between the Finance Minister, Marcos Kyprianou and the representatives of the four largest political parties. Following the end of the meeting with the Cyprus President, Tassos Papadopoulos, Mr. Kyprianou said that the government is expected to submit the bill on Wednesday but it is up to the political parties to take the final decision.

Mr. Kyprianou stressed that it would be difficult to proceed to further amendments at this stage for this would “upset the balance” and emphasized that the state will not lose money with the bill.

On the meeting held on Monday, the two sides agreed to amend the taxation of used cars, the taxation of “4x4” and the categorization of cars of 2050 and 2650cc.