The Cyprus Inland Revenue department on Friday reported substantial growth in tax receipts, following higher than expected corporate tax collections and increased activity in the jurisdiction's property market.
According to a report from the Financial Mirror, the Cyprus Inland Revenue Department reported a 43.3% increase year on year in total tax revenues in the first eleven months of 2007.
Capital gains tax revenue rose a staggering 142% year-on-year, the tax department further revealed.
An influx of business from foreign firms contributed to a 39% year on year increase in corporate tax collection, according to the Financial Mirror and other regional newspapers.
Stamp duty collection improved 49% year on year during the period in question, it additionally emerged.
As a result of the better than expected revenue collection figures, the government has reportedly predicted a 1.5% of GDP surplus for 2007.
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