Tax revenue up 33.1% in first nine months

Inland Revenue Department (IRD) revenue for the period January – September 2006 advanced by 33.1% YoY to CYP 599.5 mln compared to CYP 450.2 mln in the same period a year ago on the back of better collection.

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

Income tax PAYE receipts increased by 20% YoY to CYP 155.3 mln from CYP 129.4 mln, whilst income tax receipts from self-employed increased by 17% YoY to CYP 19.1 mln from CYP 16.3 mln. Revenue from Special Contribution for Defence recorded a 34.2% YoY increase to CYP 109.6 mln from CYP 81.7 mln, while revenue from Corporation Tax advanced by 30.5% YoY to CYP 190.8 mln from CYP 146.2 mln. Capital Gains Tax recorded the highest YoY increase of 104.8% reaching CYP 78.7 mln from CYP 38.4 mln a year ago.