Parliament is expected in March to amend the law on sales, abolishing provisions that set specific periods for retailers to sell their products at a discount.
House Commerce Committee chairman, DISY MP, Zaharias Zahariou, said the amendment was required following a Supreme Court decision that the provisions violated European directives.
Retailers will still be obliged to list both the before and after price of a product during a sale.
The bill is the result of a 2012 Supreme Court ruling, which argued that setting specific periods for sales, though in line with local law, violated a 2005 European Union directive on unfair commercial practices.
The case related to fines imposed on retailers in 2011 by the Limassol District Court for selling apparel at a discount outside the mandated sales periods.
The three appealed the verdict and the Supreme Court found that the EU directive superseded local law and overturned the decision.