Cyprus VAT receipts rebound in February

Revenue from indirect taxes in February 2009 recorded an increase of 7.1% compared to 4.1% decline in January 2009 according to the Department of Customs and Excise. For the period January – February 2009 indirect taxes receipts were 1.7% higher at EUR 338.1 mln.
VAT receipts constitute the majority of indirect taxes receipts (71% of the total for the period January – February 2009) and recorded a 4.5% increase to EUR 262.6 mln in January – February 2009, whilst excise duties receipts fell 29.1% to EUR 6.4 mln. The above trend constitutes a positive development for consumption expenditure and fiscal economics.