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Cyprus Tax Receipts Jump 43.3% In Jan-Nov 2007,
by Lorys Charalambous, Tax-News.com, Cyprus
Friday, January 04, 2008
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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