Cyprus property tax revenues slump 27% Jan-Oct

Cyprus's tax receipts from real estate transactions fell 27 percent in the first ten months of the year though overall revenues were marginally higher than last year.
Reflecting a downturn in the property market, capital gains tax fell revenue fell to EUR278.86 mln from January to October, from EUR 382.78 mln in the first ten months of 2007.
The levy is primarily charged on disposal of real estate, a sector which has been hit by slumping demand from west European markets for holiday homes on the island.
High real estate revenues helped propel state finances to a 3.3 percent surplus in 2007. Authorities expect a surplus of around 1.0 percent in 2008.
Cyprus's inland revenue department Jan-Oct data showed an 11 percent increase in corporate tax revenues. Overall, total receipts were 2 percent higher at 1.7 billion euros.