Residents of Cyprus are angry their bank deposits are subject to a
one-time tax levy as part of a bailout deal for the cash-strapped
island.
Eurozone finance ministers and the International Monetary Fund included the levy as part of a deal to give Cyprus $13 billion to avoid bankruptcy.
Under the eurozone and IMF plan, a tax of 9.9 percent would be imposed on deposits of $131,000 and up, while deposits under $131,000 would be taxed at 6.75 percent. The bank levy would hit everyone with money in Cyprus banks, including foreign nationals.
Read more: http://www.voanews.com/content/cyprus-in-turmoil-over-bailout-deal/1623444.html
Eurozone finance ministers and the International Monetary Fund included the levy as part of a deal to give Cyprus $13 billion to avoid bankruptcy.
Under the eurozone and IMF plan, a tax of 9.9 percent would be imposed on deposits of $131,000 and up, while deposits under $131,000 would be taxed at 6.75 percent. The bank levy would hit everyone with money in Cyprus banks, including foreign nationals.
Read more: http://www.voanews.com/content/cyprus-in-turmoil-over-bailout-deal/1623444.html
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