Cyprus tax revenue up 0.3% by July

The Cyprus Inland Revenue Department (IRD) revenues for the period January – July 2008 increased by 0.3% YoY to EUR 1.0 bln. The marginal improvement is primarily attributed to higher revenues associated with Special Contribution for Defence up by 24.8% YoY to EUR 245.3 mln. Revenue from Corporation Tax deteriorated by 2.1% YoY to EUR 200 mln, while revenue from Capital Gains Tax declined by 15% YoY to EUR 226.7mln, owing to the decline in demand in the property market.