Cyprus Proposes Tax Amnesty

Cyprus has drafted legislation for a tax amnesty that is meant to encourage taxpayers to bring back any funds hidden overseas. The full details of the proposed amnesty are expected to be revealed in front of the House of Representatives within the next two weeks, and, if approved, would come into effect immediately.

The tax amnesty, which would last until 31 December if approved, would only count for people making a long-term investment, buying government bonds or  depositing the funds with a national bank for a period of at least five years.

No firm estimates have been made yet as to the amount the government expects to be repatriated, as this will depend on the actual provisions of  the legislation. 

http://www.index2day.com/article/cyprus-proposes-tax-amnesty/