{"id":2784,"date":"2014-12-11T08:29:50","date_gmt":"2014-12-11T13:29:50","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2784"},"modified":"2014-12-11T08:29:50","modified_gmt":"2014-12-11T13:29:50","slug":"iceland-unleashes-confiscatory-exit-tax-on-wealth-deposits-zero-hedge","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2784","title":{"rendered":"Iceland Unleashes Confiscatory “Exit Tax” On Wealth Deposits | Zero Hedge"},"content":{"rendered":"

Iceland Unleashes Confiscatory “Exit Tax” On Wealth Deposits | Zero Hedge<\/a>.<\/p>\n

While on the one hand, Iceland’s decision to inch towards lifting its capital controls is a positive step, it appears what they give with one hand they are taking with another.\u00a0Just as we predicted three years ago,<\/a>the\u00a0muddle-through has failed and there are only hard choices left<\/strong>\u00a0and sure enough BCG’s envisioned\u00a0‘wealth tax’<\/span><\/strong>\u00a0appears to be rearing its ugly head once more.\u00a0As Morgunbladid reports<\/a>,\u00a0Iceland plans to impose an exit tax as part of removing capital controls, anticipating all bank assets will be subject to the levy<\/strong>, regardless of whether assets are held in local (ISK) or foreign exchange.<\/p>\n

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As Bloomberg reports,<\/em><\/p>\n

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Iceland\u2019s plan to impose an exit tax as part of removing capital controls anticipates all bank assets will be subject to levy, regardless of whether assets are held in ISK or FX,<\/strong>Morgunbladid reports without saying how it obtained the information.<\/p>\n

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Part of program may also include forcing foreign holders of ISK assets to swap ISK at discount to a 30-yr FX bond; bond to carry interest rate less than 3%:<\/strong>\u00a0Morgunbladid<\/p>\n

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NOTE: Iceland task force on capital controls\u2019 removal met yesterday with representatives of Kaupthing Bank hf, Glitnir Bank hf and LBI hf. The country may proceed with lifting controls early next year, according to task force member Lee C. Buchheit<\/p>\n<\/blockquote>\n

As we concluded previously,<\/em><\/a><\/p>\n

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…click on the above link to read the rest of the article…<\/span><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Iceland Unleashes Confiscatory “Exit Tax” On Wealth Deposits | Zero Hedge. While on the one hand, Iceland’s decision to inch towards lifting its capital controls is a positive step, it appears what they give with one hand they are taking with another.\u00a0Just as we predicted three years ago,the\u00a0muddle-through has failed and there are only hard […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1835,110,1833,1834],"class_list":["post-2784","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-assets","tag-capital-controls","tag-iceland","tag-wealth-tax"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2784"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2784\/revisions"}],"predecessor-version":[{"id":2785,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2784\/revisions\/2785"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}