Cyprus tax revenue up 4.1% to EUR 1.5 bln

The Inland Revenue Department announced that total revenue during the period January – September 2008 advanced by 4.1% yoy to EUR 1.5 bln. The marginal improvement is primarily attributed to higher revenue from Special Contribution for Defence, up by 22.6% yoy to EUR 292 mln, most of which is from a 10% tax imposed on interest income earned on bank deposits. Revenue from Corporation Tax advanced by 17.2% yoy to EUR 514.9 mln, while revenue from Capital Gains Tax declined by 22% yoy to EUR 265.9 mln, owing to decline in the property market.