“Cyprus needs up to 17 billion euros – almost as much as its annual gross domestic product – in emergency loans, mostly to recapitalise its oversized banking sector, hit by a Greek debt restructuring, but also to service debt and government expenses.  The capital gains tax could be introduced only temporarily, for three years, and provide the government with an extra revenue of 200-300 million euros.  The nominal corporate tax, which now stands at 10 percent, could be raised to 12.5 percent.  The introduction of the financial transaction tax would be set at 0.01 percent of the value of trades for derivatives and 0.1 percent for stocks and bonds.”

http://uk.reuters.com/article/2013/03/07/uk-eurozone-cyprus-bailout-idUKBRE9261FZ20130307

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