Tax receipts at CYP 500 mln in first eight months

The Inland Revenue Department (IRD)announced that revenue for the period January– August 2006 advanced by 33.4% YoY to CYP 500.1 mln compared to CYP 375 mln receipts a year ago in the same period.

Specifically, Income tax PAYE receipts increased by 21.2% YoY to CYP 138.3 mln from CYP 114.2 mln a year ago in the same period, whilst income tax receipts from self-employed increased by 20% YoY to CYP 15.5 mln. Revenue from stamp duty was also 51% YoY higher at CYP 6.2 mln.

Revenue from Special Contribution for Defence recorded a 39.5% YoY increase to CYP 101.5 mln, whilst revenue from corporation tax advanced by 27.8% YoY or CYP 30.7 mln to CYP 141.3 mln compared to CYP 110.6 mln a year ago in the same period. Capital Gains Tax recorded the highest YoY increase of 94.5% or CYP 31.4 mln reaching CYP 64.7 mln from CYP 33.3 mln a year ago in the same period as the property sector showed no signs of slowing down.

The increased Inland Revenue receipts recorded for the period January-August 2006 underpins the Government’s increasing efficiency in tax collection and provide positive signs in further improving the Budget deficit.