Cyprus Tax revenue up marginally in November

The Inland Revenue Department (IRD) revenue for the period January – November 2008 advanced marginally by 0.8% Year-on-Year to EUR 1.8 bln. The marginal improvement is mainly attributed to the higher revenues associated with Special Contribution for Defence, up by 22.9% YoY to EUR 341.9 mln. Revenue from Corporation Tax advanced by 10.1% to EUR 631.8 mln, while revenue from Capital Gains Tax declined by 31.1% YoY to EUR 291.9 mln, owing to the decline in demand in the property market.