The tax in Cyprus

The tax in Cyprus

Following news of the proposed tax in Cyprus where bank accounts will be taxed.

“The levy was initially set at 6.75% on accounts under €100,000 and 9.9% on any deposit above that sum but this could be altered to 3% on the smaller deposits and up to 15% on deposits above €500,000. In return, savers will be given shares in the banks and, potentially, returns from the country’s gas reserves. ”

So basically it’s daylight robbery because they are desperate for money to balance the books.

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