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The head of Cyprus's new Economic Policy Council has indicated that Cyprus would accept a rise in corporation tax from 10% to 12,5% as part of a bailout deal, as long as it did not rise further for at least a decade.
Christophore Pissarides put forward the proposal to state media as the country continues to negotiate the terms of a bailout from the EU and the International Monetary Fund. He explained that a rise in corporation tax was not important in itself, but that businesses must be confident that it will remain the same for a long time afterwords.
Cyprus applied for a bailout in June 2012, making it the fifth European country to do so, and it is seeking around Eur 17 bn to recapitalize its banks. The country has already implemented a number of tax rises, including a 2% rise in VAT to 17%.
The Economic Policy Council oversees the economy and advises the president on macroeconomic issues. Christophore Pissarides won a Nobel Prize in Economics in 2010. He was appointed as its head by Cyprus's newly-elected president Nicos Anastasiades last month.
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