Tax revenue surges to CYP 377.4 mln

According to the Inland Revenue Department (IRD) tax revenue for the period January –May2007 advanced by 48% YoY to CYP 377.4 mln. Total income tax collections increased by 27.7% YoY to CYP 161 mln. Revenue from Corporation Tax advanced by 64.4% YoY to CYP 55.2 mln, while collections arising from Capital Gains Tax jumped to CYP 100.3 mln, recording an increase of 177% YoY. Revenue from special defense was uo 26% to CYP 85.4 mln.