In the evening of April 18, 2013 the Parliament of the Republic of Cyprus has approved a number of legislations needed to get financial assistance from the EU and the International Monetary Fund (IMF).
According to these legislations, the tax on profits of companies registered in Cyprus will be increased from 10% to 12.5%, the tax on income from deposits -- from 15% to 30%, and the special tax for financial institutions -- from 0.11% to 0.15 %, reports local media. Over the majority of Cyprus MPs have voted for these laws. Next week, Parliament will have to consider laws on reduction of the salaries of civil servants and the introduction of fees for the provision of medical and pharmaceutical care. The harmonization of these laws will enable Cyprus to receive 10 billion euros for a period of 20 years at an interest rate of 2.5% per annum for the recapitalization of the banking system. Out of this amount, € 9 billion will be allocated from the Eurozone crisis fund - the European Stability Mechanism (ESM), and IMF will provide for Cyprus another 1 billion euros .
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