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Cyprus Tax Take Rises, But Storm Clouds Gather,
by Lorys Charalambous, Tax-News.com, Cyprus
Friday, October 17, 2008
The Cyprus Inland Revenue Department has announced that total revenue during the
period January - September 2008 advanced by 4.1% year-on-year to EUR1.5bn.
The improvement is primarily attributed to higher revenue from the
Special Contribution for Defence, up by 22.6% year-on-year to EUR292m, most
of which is from a 10% tax imposed on interest income earned on bank deposits.
Revenue from corporation tax advanced by 17.2% year-on-year to EUR514.9m, while
revenue from capital gains tax declined by 22% year-on-year to EUR265.9m, which
has been attributed to a decline in the property market.
Despite Cyprus’s increased revenue this year Finance Minister
Charilaos Stavrakis revealed that he expects a reduced budget surplus in 2009
from the earlier projection of 0.7% of gross domestic product to 0.3% of GDP.
Stavrakis also announced to parliament that Cyprus has cut its economic growth
forecast next year to 3.0% from an earlier prediction of 3.7%.
He told parliament that: "we are in a fluid environment and the final
rate of growth in 2009 will depend to a great extent on the duration and depth
of the world recession, and markets which have an impact on the Cypriot economy,
like Britain and Russia."
Cyprus, which joined the euro zone on January 1, 2008, is heavily reliant on
tourism, especially on visitors from Britain and Russia, with the sector a key
currency earner representing about 13% of GDP.
Stavrakis said the government was considering its options on sources of revenue,
but said there would be no new taxes next year. He also said there would be
no change to the budget, drafted last month. “While the government sees
no need to raise taxes, the revenue base will be strengthened through efforts
to bolster the government's capacity to collect taxes,” Stavrakis announced.
The 2009 budget assumes a 4.7% increase
of revenue on the 2008 figure, but Stavrakis warned that a sharp fall in domestic consumption
will lead to falling value-added tax revenues.
"We have some other proposals in the drawer which we do not want to reveal
at this moment which could help the finances of the government, and they are
not tax (measures)," Stavrakis said.
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