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Cyprus may raise deposit levy to 12.5% for large accounts – report

Russia Today [1]
March 17, 2013

Cyprus is currently deciding whether to raise the anti-crisis tax on savings larger than 100,000 euros to 12.5%, while reducing the levy on smaller amounts to 3 per cent, a source told Reuters.

The Cypriot government has been discussing with its European creditors the idea of reducing the levy on deposits smaller than 100,000 euros to 3 per cent, Reuters reported citing an anonymous source who is close to talks.

To counterbalance the measure, the government proposed to increase the tax on large sums to 12.5 percent from the originally proposed 9.9, the source said.

The last minute discussions are allegedly aimed at appeasing ordinary Cypriots who are about to share a major part of the anti-crisis burden imposed on Cyprus by the European Central Bank.

Full story here. [1]