Vladimír Urbánek (Kurzy.cz)
Markets  |  March 19, 2013 09:59:19

Cyprus tax: 100 000 EUR to zero, 15.6% over the limit? Parliament does not approve the original plan surface


Regarding the Cyprus extraordinary bank tax to proliferate its possible variations. According to agency reports, the Cypriot president Nocos Anastasiades during a telephone conversation with German Chancellor Angela Merkel said among other things that he does not believe that the original surface parliament approved the draft tax. European leaders have already expressed their opinion in the sense that they expect from Cyprus mld.EUR 5.8 out of bank deposits and a way to sum this country gets itself is fully within its competence.
In the game, therefore there are different proposals to modify the original plan, according to unnamed sources from the leadership of the EU is also considering a zero tax for deposits up to a limit 100 000 EUR (the limit for deposit insurance valid in the EU) and 15.6% of deposits over the limit.
The original proposal allowed for the tax of 6.75% to 100 000 EUR and 9.9% above this limit.

Cypriot banking system is from 16 March blocked the transfer of funds, banks have been and probably will be closed until Thursday 21st March, when it should be opened again. Originally planned to open a bank already for today.

56členný Cypriot Parliament should, after several delays vote on bank tax proposals form today 18.h.
Government DISY party holds 20 seats in parliament. Communist Akel party controlling 19 seats and EDEK party with 5 seats have already indicated that the necessary legislation to bring vp tax latnost not support. Page DIKO controlling 8 seats will reportedly also vote against.

Extraordinary tax on bank deposits used in Italy in 1992. About her introduction has also speculated in 2011.

The volume of deposits in Cypriot banks moved at the end of last year to 172% of the total GDP of the country. For comparison, the volume of deposits in Germany is about 69% of GDP in Italy, then 58%.

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