Cyprus tax receipts decline 10.6% in first half

Tax revenue during the first half of 2009 fell by 10.6% year-on-year to EUR 710.9 mln from EUR 795.2 mln a year ago in the same period following a plunge in revenue from property sales according to the Inland Revenue Department.

Capital Gains Tax on property sales slumped by 80.7% yoy to EUR 37.0 mln from EUR 192 mln, owing to the decline in demand in the property market as property sale contracts announced by the Land Registry Departments fell by 58.3%.

On the positive side, income tax from employees and corporation tax increased 18.4% to EUR 240 mln and 31.4% to EUR 155 mln respectively.