The finance ministers of the six most powerful economies of the European Union (EU) decided to jointly fight against tax evasion. The finance ministers of these countries (Germany, France, Great Britain, Poland, Italy and Spain) held a joint conference in Dublin.
Restrictions on the capital movements in Cyprus, which were introduced on March 28, will be extended for one more week. This was reported by the representative of Central Bank of Cyprus Yangos Demetriou.
Cypriot authorities are considering introducing a new tax exemption on reinvested corporate profits in a bid to prop up the island's economy, and may also authorize the establishment of local casinos to support fiscal consolidation efforts.
As a result of essential reduction of liquidity in Cyprus and risk of money outflow from bank accounts, the Ministry of Finance of the Cyprus Republic, following recommendations of the Central Bank Chairman of the Cyprus Republic, prepared a package of temporary restrictions concerning bank operations and operations with cash money, as follows: