Cyprus VAT receipts decline by 9.1% in 1H09

VAT receipts, which constitute the biggest part of indirect taxes receipts at 75% of the total, recorded a 9.1% decrease in the first half of 2009 to EUR 861 mln from EUR 946.92 mln in 1H08 in a clear indication of a weakening private consumption demand, according to the Department of Customs and Excise.
The total revenue of the Department of Customs and Excise for June ’09 contracted by 9.1% to EUR 1.13 bln in 1H09 from EUR 1.25 bln in 1H08.

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