March 18, 2013 / 11:26 AM / in 5 years

Cyprus suggests small deposits be tax exempt -parliamentary official

Nicosia, March 18 (Reuters) - The Cypriot government is suggesting that deposits up to 20,000 euros be exempt from a bank levy announced over the weekend that the island needs to avert a default, a parliamentary official said on Monday.

Remaining deposits up to 100,000 euros would be taxed at 6.7 percent and deposits exceeding that would be taxed at 9.9 percent, the official said on condition of anonymity.

The source said Cyprus’s proposal would expect that bank depositors would be compensated with shares and government bonds related to future proceeds from gas earnings.

Under the terms of a deal brokered with euro zone finance ministers on Friday, Cypriot authorities were to impose a 6.7 percent tax on bank deposits under 100,000 euros and a levy of 9.9. percent on deposits exceeding 100,000 euros.

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