Plan moves ahead as vote delayed…

Cyprus will put forward a new proposal on Monday under which a tax-free threshold or a lower tax rate for smaller depositors could be introduced, media reports said on Monday, in a move aimed at easing the pain of a bailout agreement which will impose an unprecedented tax on savers.

Reuters cited a government source in Cyprus as saying that the country is mulling a tax-free threshold on the bank deposit levy for smaller deposits. It cited a parliamentary official as suggesting that deposits up to 20,000 euros could be exempt. Remaining deposits up to 100,000 euros would be taxed at 6.7 percent and those exceeding that amount at 9.9 percent, the official told the news agency on condition of anonymity.

Earlier Dow Jones cited two unnamed European officials as saying savers with 100,000 to 500,000 euros would face a 10 percent tax, while those with savings over 500,000 euros would be taxed at 15 percent. Those with savings up to 100,000 euros would be taxed at 3 percent, according the

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