Cyprus VAT and Customs revenue up by 8.6% in 2008

Total income from Customs and Excise department in 2008 recorded an increase of 8.59% compared to 2007.

According to figures published today by the Department based on preliminary figures for December 2008, total income from Customs and VAT for the period January – December 2008 reached 2.62 billion euro, compared to 2.41 billion euro in 2007.

According to preliminary calculations, December income from Customs and VAT reached 268.8 million compared to 268.2 million euro.

Total income excluding VAT recorded increased by 1.33% in 2008 reaching 681.06 million euro, while total income from consumer tax increased by 0.8% to 626.3 million euro. VAT income increased by 11.4% reaching 1.94 billion euro compared to 1.74 billion euro in 2007.

Income from consumer tax on oil products increased by 3.01% to 261.5 million euro, whereas income from consumer tax in tobacco increased by 2.63% to 196.3 million euro.

Income from consumer tax on alcohol increased by 2.08% to 28.2 million, while income from consumer tax on vehicles increased by 5.7% to 135 million euro.