VAT receipts up

VAT receipts in September 2005 recorded an increase of 10.2% YoY

to CYP 92.8 mln compared to CYP 84.2 mln in September 2004, whilst for the first nine months of the year, VAT receipts reached CYP 550.6 mln compared to CYP 480.5 mln representing an 14.6% year-on-year increase.

The increase in VAT receipts was primarily due to the introduction of VAT levy on certain consumption goods since 1 May 2004 and the contribution from increased consumption of certain goods such as motor fuels.