Cyprus tax revenue up 50% in 1H07

The Cyprus Inland Revenue Department (IRD) announced that revenue for the period January –June 2007 increased by 50% YoY to CYP 457.6 mln mostly on the back of a recovering economy, a booming real estate market feeding money into government coffers as people buy and sell property as well as bumper profits by corporations paying higher taxes on record profits.

Income tax PAYE receipts increased by 26.2% YoY to CYP 192.0 mln. Revenue from corporation tax advanced by 58.6% YoY to CYP 63.6 mln, while revenue from capital gains tax imposed and derived mostly from the 20% imposed on property sale gains increased by 173.8% to CYP 126.3 mln.