Cyprus known as Laiki Bank), into a "bad" bank which would be wound down over time and a "good" bank which would be absorbed by the Bank of Cyprus. In return for a €10 billion bailout from the European Commission, the European Central Bank and the International Monetary Fund, often referred to as the "troika", the Cypriot government was required to impose a significant haircut on uninsured deposits, a large proportion of which were held by wealthy Russians who used Cyprus as a tax haven. Insured deposits of €100,000 or less were not affected. According to the 2017 International Monetary Fund
European Union value added tax state to opt to charge VAT on those supplies (such as land and certain financial services). Input VAT that is attributable to exempt supplies is not recoverable. The EU VAT area is a territory consisting of territory of all member states of the European Union and certain other countries which follow the European Union's (EU) rules on value added tax (VAT). The principle is also valid for some special taxes on products like alcohol and tobacco. Goods are only considered as imported or exported if they enter or leave the area. The VAT percentage does, however, differ from country to