BREAKING NEWS

Cyprus plans tax breaks, casinos to kick-start economy

By REUTERS

APRIL 1, 2013 19:18

NICOSIA - 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 its 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.

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