Cyprus: Increase of Taxes Resolved

Politics ♦ Published: April 19, 2013; 10:08 ♦ (Vindobona)

The Cyprian parliament has voted for an increase of taxes. Among other things, business taxes will increase from 10 % to 12.5 %.

Cyprus: Increase of Taxes Resolved / Picture: ©

On Thursday, some core conditions of international investors for the controversial bail-out package of the country were met. The parliament voted on an increase of corporate tax which should provide additional income in the amount of € 600m. Furthermore the levy on interest income from 15 % to 30 % and the increase of fee on transaction between credit institutes from 0.11 % to 0.15 %…