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Cypriot draft bill drops levy on deposits below 20,000 euros

Bill sets a 6.75% tax for amounts between 20,000 and 100,000, 9.9% tax on all deposits above that level

Reuters  |  Nicosia 

 Cyprus's revised draft bill for a levy on bank deposits scraps the measure for savings under 20,000 euros but does not compensate for the resulting lost revenue by raising it for the wealthy. The draft,  did not say if the new structure for the levy raises the required 5.8 billion euros European officials have demanded in return for 10 billion euros in aid. The bill sets a zero percent levy on deposits of up to 20,000 euros, a 6.75 % rate for amounts between 20,000 and 100,000 euros and maintains a 9.9 % tax on all deposits above that level. Under a previous ...

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First Published: Tue, March 19 2013. 15:16 IST