Cyprus plans tax breaks, casinos to kickstart economy

[dipsydoodle]

Source: Reuters

(Reuters) - Cyprus plans to lift a ban on casinos and offer firms tax exemptions on profits reinvested on the island under a package of reforms to kickstart its ailing economy, its president said on Monday.

Cyprus's euro zone partners agreed on a 10 billion euro rescue package last Monday following weeks of tense negotiations, but it's tough terms look set to deepen the island's recession, shrink the banking sector and cost thousands of jobs.


President Nicos Anastasiades, who briefed ministers on the economy during an informal meeting, said the 12-point growth plan would be put to the cabinet for approval within the next 15 days.

The programme includes measures to attract foreign investment to the island - a hub for offshore finance - as well as tax exemptions on business profits reinvested there, and the easing of payment terms and interest rates on loans.

Read more: http://uk.reuters.com/article/2013/04/01/uk-eurozone-cyprus-plan-idUKBRE93008220130401

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Currently anyone happy to invest in Cyprus would need to suffering from a serious absence of brain mass / density.

[Roy Rolling]

1. Casinos?

You have to be effin' kidding me. That is their idea of rebuilding a cratering economy? More recreation and gambling?

Like the OP said, anyone who invests in that in Cypress is brain-damaged

[BumRushDaShow]

2. Weren't those the same types of businesses

that helped crater their economy in the first place?

[dipsydoodle]

3. Don't think so.

They've got casinos in the Turkish part : Northern Cyprus.

The current situation is also likely to increase tourism in the north and reduce it in the south.