‘Cyprus taxes take our millions. That is going to stop’

Published on 19 March 2013 at 09:45

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Slovakia will provide €80m of the €10bn Cyprus bailout agreed by the Eurogroup on March 16 but will demand that “the memorandum of agreement contains a provision on more active exchange of information between Cypriot and EU tax authorities,” reports Pravda.

The question of EU bailouts is sensitive in a country, where the government fell in 2011 because of the aid plan to Greece.

The Slovak daily notes that an increasing number of local companies (872 in March) use Cyprus as a tax haven and for money laundering. Another condition of the bailout will see corporation tax rise from 10 per cent to 12.5 per cent. This may mean the Netherlands and Malta may become more popular destinations for foreign cash, in place of Cyprus, according to some business analysts.

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