Politis

KEVE and OEB Oppose Additional Bank Tax

Published February 12, 2026, 12:28
KEVE and OEB Oppose Additional Bank Tax

The Cyprus Chamber of Commerce and Industry (KEVE) and the Employers and Industrialists Federation (OEB) have strongly opposed the potential imposition of additional taxes on bank profits. Both organizations warn of negative consequences for the country's economic stability and investment image. KEVE argues that taxation is not a suitable tool for social policy, given that banks have already contributed significantly to public revenues in recent years, paying €755 million from 2017 to 2024. Furthermore, concerns are raised about disruption of the tax framework, discouraging investors, and passing the cost on to borrowers. The OEB describes the thoughts of an extraordinary tax as "dangerous acrobatics" and emphasizes the role of international investors in rescuing the banking system. Both organizations emphasize that the state already has available resources for social support, without the need for new burdens on the banking sector.