Cyprus: 37.5 % Only The First Cut

People ♦ Published: March 30, 2013; 18:11 ♦ (Vindobona)

Assets will be burdened much higher than assumed. Apart from the mandatory levy of 37.5 % a further amount of 22.5 % will be frozen in.

Cyprus: 37.5 % Only The First Cut / Picture: © Bank of Cyprus

Finance Minister Michaelis Sarris has explained the terms on how to save Cyprus’ biggest bank on Saturday. Assets exeeding 100,000 will be taxed much higher than assumed. Losses up 60 % of assets could threaten big investors.

As a first the the announced 37.5 % will be used from assets above € 100,000. But this is only the first step. Sarris explained to state television RIK…