Following the failure of the plan to tax savings in Cyprus, the Cyprus Government has just announced it latest tax the Mattress Stash Tax.
Under the proposal tax investigators will visit every home in the country and ask the occupants to declare what they have of value there. Things of interest are cash, precious metals and stones and anything that can be put on ebay. Then a value of roughly 5% of the occupants wealth will be removed. If the occupants are found to have made a false declaration and the investigators find undeclared wealth then the occupants will have 10% of their wealth taxed under the anti-sneaky provisions in the proposal.
The news has been welcomed by the banking Troika, the IMF, European Commission and the ECB, though they announced that their preference would be for both the deposit tax and Mattress Stash Tax to be introduced given they dont trust Cypriots not to quickly move money from their Mattress back to their bank accounts now this alterative has been proposed.