AS per media reports, Cyprus is mulling steps to hike its tax rates to earn bail-out from EU. It may be recalled that EU has demanded that all offshore tax havens in Europe need to hike tax on foreign deposits.

To earn financial doles from IMF and EU, Cypriot Govt may hike the corporate tax rate from 10% to 12.5% - the first hike in last more than a decade. But Cyprus has been resisting the new levy of FTT.