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Commenting article: Cyprus Mulls Zero Tax on Small Savers

Savers in Cyprus holding less than EUR 20,000 may be exempt from the controversial bank levy, the Cyprus finance ministry has suggested after the measure was slammed as sheer larceny.

The plan triggered an outrage that ordinary savers would be forced to pay a levy of 6.75%.

The new plan would keep that levy on deposits over EUR 20,000, with those over EUR 100,000 charged at 9.9%.

sa-sha - 19 Mar 2013 // 15:44:15

...omg, it's not about possible "zero" happiness for some, it's about spectral "correctness" for all...
"A spectre is haunting Europe - the spectre of Communism"...and the spectre's fun, Angela by name, exclaims: “People who have their money in Cyprus’ banks have to contribute to saving Cyprus. So everyone who has more than 100,000 euros in his or her account will be taxed...And that is correct in my opinion.” Correct, sure. And in full conformity with Great Specters- Mr. Karl Marx ("expropriation of expropriators") and Mr. Vladimir Lenin (“Rob the robbers”)-ideas. Oh, that “commie” Angela, supported by her key partners-France, Belgium, Netherland, Finland...- in their Communist International' (known today as EU) ardent desire to save... The horrifyingly splendid materialisation of the Communist Idea is on the Cyprus' horizon. Toast.

Mitko Pitko - 20 Mar 2013 // 00:28:25

That's what happens when there is no more "OTHER PEOPLE'S MONEY".
Politicians buying votes with tax payers money and spending as if there is no tomorrow.
But when the money they can steal is gone, what happens?
Greedy politicians, unions and lazy welfare recipients will bankrupt the economy not only of Cypress but everywhere liberals are in power...

Mitko Pitko - 20 Mar 2013 // 00:30:42

There's plenty of Russian mob money in Cypress and if they touch that money, they are going to have a problem.
Russia officially already stated that if Russian accounts are touched, Russia will "re-structure" 2.5B Euro Loan to Cypress...

Ivanko - 20 Mar 2013 // 00:53:19

This Russian mafia money is a story made up in Europe so they could have a reason to steal money.

In reality, many Russian companies have a base in Cyprus for the European market. Not only Russian btw.
(Sure there will be Russian mafia, just like you have hundreds of mafia organizations who have somewhere their activities to launder their money.)

While the American companies mainly reside in Ireland/Netherlands/Belgium.

Now, Ireland and Belgium are in very bad papers. You don't hear them there asking for a tax on American businesses money, do you. Even worse, all those American companies hardly pay a single euro tax for their entire operations in Europe. In Cyprus the Russians at least payed something. But I think they will change their mind very soon.

Chushki - 20 Mar 2013 // 08:27:37

Ivanko, maybe the Russians will move to Bulgaria and take advantage of the low corporation tax rate....

Seedy - 20 Mar 2013 // 13:04:29

Chushki, I thing the whole point is that these Russkis don't want to pay ANY kind of tax....I wonder how many millions Uncle Vlad has got salted away off-shore ;)

sa-sha - 20 Mar 2013 // 16:55:07

Oh, this poker, by the holy poker! ;-)
Mitko is right about "dirty" money from Russia. But how to separate them? Russia' request to Cyprus (to submit the list of Russian accounts) hasn't been met till now. As for "re-structure" and the new ~US$3bln Russian loan to Cyprus: Troyka (EU, IMF, ECB) is strongly AGAINST that Russian new loan...interesting story, right?
Ivanko' opinion-absolutely correct, imho.
Russian investments to BG-I share Chushki' idea. A bit more efforts
from both sides and...
"...the whole point is that these Russkis don't want to pay ANY kind of tax..."---Seedy est dans son r?pertoire ;-)....Think that nobody, not "these Russkis" only, want to pay taxes...Still-Chushki is right-BG tax rate is really attractive. And as for "Uncle Vlad'salted millions": why not to turn to, say, CIA? It is in a current, sure...;-)
And back to Cyprus: "commie" Angela &Co did their worst and now the capital flight or-more sharp- mass exodus of money from Cyprus is practically inevitable. "A spectre is haunting Europe".....

Bucharest12 - 21 Mar 2013 // 01:10:15

many rusophiles around here. many russian cyprus based firms are major investors in media, raw materials and energy and their interest should not prevail those of the eu members. they found a comfortable backdoor in cyprus and now they should pay their shortcut thru the loophole. the main question is where cyprus stands between a russian loan and an eu bailout. russians out of europe is the slogan of any of their neighbors be it poles fins romanians georgians etc. maybe there is a logic and sense behind that

sa-sha - 21 Mar 2013 // 09:39:16

;-).....a hell of "sence" + zero logic = rabies

sa-sha - 21 Mar 2013 // 09:42:38

...sense, sense...

Seedy - 21 Mar 2013 // 10:07:56

I believe that Russia should be welcomed into Europe - but only when it has shaken off both OC and Tsar Vladimir.....

sa-sha - 21 Mar 2013 // 10:46:35

Seedy, Seedy...(1) Russia is in Europe, simply geography;
(2) Russia will hardly be ever "welcomed" to "EU"-rope: neither EU nor Russia' Leaders needthat "rope" i.e. neither EU nor Russia will allow themselves to be "under";
(3)"shaking off OC"---I do fully agree, it is of the vital necessity for Russia (but not for "please" the other states);
(4)"to shake off Tsar Vladimir"---permanent revolution? ;-) My Lord, relax, Seedy, relax and leave this problem to "those Russians"...

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