Cyprus tax revenue up 2% in first eight months

The Cyprus Inland Revenue Department (IRD) announced that total tax receipts during the period January – August 2008 increased by 2.0% yoy to EUR 1.3 bln. The marginal improvement is primarily attributed with higher revenues associated with Special Contribution for Defence up by 23.0% yoy to EUR 274.3mln. Revenue from Corporation Tax advanced by 8.8% yoy to EUR 382.6mln, while revenue from Capital Gains Tax declined by 18.1% yoy to EUR 246.9mln, owing to the decline in demand in the property
market.