Economist proposes reducing deposit tax to counter likely ECB rate hike

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Economist proposes reducing deposit tax to...
 © CyprusMail 2020
The government may have to consider reducing the currently 30 per cent tax rate on income from deposits in order to help banks cope with a likely reversing of the European Central Bank’s (ECB) accommodating monetary policy, an economist said.

His proposal is likely to steer controversy as a colleague of his expressed reservations both with respect to its effects and effectiveness.

“An interest rate hike by the European Central Bank (ECB) could be a negative development for the Cypriot economy but banks could then resort to further squeezing...


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Economist proposes reducing deposit tax to counter likely ECB rate hike


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