Revenue from Value Added Tax in July reached €151.4 mln, marking an increase of 1.4% compared with 149.2 mln in the corresponding month of 2012, the VAT Service announced on Wednesday. The VAT rate is currently 18%.
"Taking into consideration the economic crisis, the recession and the sizeable reduction in imports, the increase of the VAT revenue by €2.2 mln can be considered as particularly important, as it contributes positively to the Ministry of Finance's effort to achieve the fiscal targets set out," a press release issued by the VAT service said.
VAT receipts from companies in Cyprus increased in July by 3.9%.
"The Service will continue intensifying efforts to collect and to shield public revenue especially during this difficult period amid an unprecedented economic crisis," the press release noted.
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