Income Tax revenue up 7.8% in March

According to the Inland Revenue Department (IRD) revenue for the period January –
March 2008 increased by 7.8% YoY to EUR 445.8 mln from EUR 413.5 mln in the same period a year ago.
The improvement is primarily attributed to the increase in revenue related with Special
Contribution for defence, up by 27.3% YoY to EUR 144.1 mln. Revenue from Corporation Tax advanced by 16.6% YoY to EUR 78.4 mln, while revenue from Capital Gains Tax declined by 5.4% YoY to EUR 90.9 mln, due to the decrease in demand in the property market. The Self Employed also increased their tax contributions by 25.6% YoY to EUR 9.1 mln while revenue from salaried people fell 4% YoY to EUR 96 mln.