Inland revenue up 30.8%

The Inland Revenue Department reported a 30.8% increase in revenues for the period January- March 2006 to CYP 164.3 mln. Revenue from Special Contribution for Defence recorded a 50% increase to CYP 53.1 mln, while revenue from corporation tax declined by 9% to CYP 22.7 mln. Income tax PAYEE receipts increased by 21% to CYP 50.4 mln, while income tax receipts from self-employed increased by 27% to CYP 4.9 mln. Capital Gains Tax recorded the highest year-on-year increase of all major tax categories of 113% to CYP 20.4 mln.