Cyprus government revenue up 2% in January-July

A mild recovery of 2% was recorded by state revenue in January – July compared with the corresponding period of 2009. Property and capital gains tax led the state revenue for the first seven months of the current year up 14.78 mln euros despite the 14% drop in revenue from corporate tax.
According to the latest data published by the Inland Revenue Department (IRD), total state revenue for the period January – July amounted to 916.674 mln euros compared to 901.884 mln in the same period of 2009.
During the same period, revenue from income tax increased by 5% or 14.32 mln euros to 296.25 mln, compared with 281.93 mln in the same period in 2009.
On the other hand, the revenue from self-employed persons decreased by 7% or 1.9 mln, down to 26.24 mln euros from 28.14 mln in 2009.
The decrease in revenue from corporation tax rate was 14% or 34.39 mln euros to a total 213.39 mln from 247.79 mln in the corresponding period last year.
A significant increase of 26% or 11.92 mln euros was recorded from capital gains tax, which in the first seven months of 2010 climbed to 55.04 mln euros compared to 43.56 mln in the first seven months 2009.
Revenue from the Special Defence Contribution also increased by 5%, or 11.92 mln. The total income from the defence contribution amounted 255.9 mln euros from 243.97 mln in 2009.
Revenue from surcharges rose by 18% for the period and amounted to 28.99 mln euros compared to 24.64 mln in 2009, while a significant increase of 37% was recorded in revenue from stamp duty which amounted to 31.85 mln from 23.33 mln in 2009.
Finally, a decrease of 30% was recorded in revenue from various taxes, which reached 4.12 mln euros in the first seven months from 5.9 mln in the corresponding period of last year.