Pressed to reach agreement on the contentious tax reform, the House finance committee said on Wednesday that it will hold at least two more meetings this week.

“We will make full use of the time we are given,” committee chairwoman and Diko MP Christiana Erotokritou said. She added that parties would meet again on Thursday, with another meeting likely on Friday or Saturday.

The government had previously called on MPs to pass its proposed reforms as soon as possible, aiming for implementation at the start of January.

On Tuesday, finance ministry officials and representatives of Disy, Diko and Dipa announced a broad agreement to raise the tax-free income threshold from €20,500 to €22,000 and expand family deductions.

The bills were returned to the committee after the three parties said they would table joint amendments, paving the way for a majority to push the reform through the plenum on December 22.

Finance Minister Makis Keravnos said there was “great convergence of opinions” and confirmed the government was willing to accept a higher tax-free limit.

Erotokritou said the amendments would be discussed in committee and stressed that Diko would invite “as many parties as wish to co-sign.”

This followed criticism from opposition party Akel, which was excluded from the earlier meeting and accused the government of undermining parliamentary procedure.

“At a time when we in Akel demand a fairer tax reform for the benefit of the many, Disy and Diko are organising sit-ins at the finance ministry with the aim of preventing the taxation of wealth, which we are proposing,” Akel MP Aristos Damianou said.

Akel’s demands include taxing excess bank profits, taxing real estate worth more than €3 million, and reducing VAT on electricity from 19 per cent to five per cent.

“We believe that the reform will be truncated and incomplete if serious issues concerning vulnerable groups of the population are not taken into account, including the eviction of people from their homes due to unfair foreclosures, as a result of abusive clauses by banks,” Damianou said.

He emphasised that Akel would insist on submitting its amendments to the plenum alongside the rest of the tax reform.

However, Erotokritou ruled out introducing a wealth tax, arguing that such measures “always backfire and undermine the country’s growth potential and competitiveness.”

She said Disy and Diko had agreed on core elements of the amendments, including rejecting what she called “a logic of a tax storm,” which she warned would “jeopardise the economy’s stability and competitiveness.”

Responding to Akel’s request for a collective submission, she pointed to the tight timeframe, noting that Akel had submitted its proposals only four days ago. “There is no intention not to discuss these proposals as well,” she said.

Disy MP Onoufrios Koula said the amendments introduced with Diko met his party’s goals for the reform. “According to our estimates, the amendments are within the safe fiscal margin,” he said.

The annual fiscal cost is estimated at €110 million.

“There is a significant surplus and a strong, growing economy,” he added.

The amendments raise the income criteria for child and student allowances to €100,000 for up to two children, €150,000 for families with three or four children, and €200,000 for families with five children or more.

The deduction for dependent children and students will also increase, to €1,250 for a second child and €1,500 for a third child and above.

According to Disy’s estimates, the amendments will allow about €35 million to be returned to the state through taxation.