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Cyprus property tax receipts plummet

ACCORDING to press reports, a decline in Cyprus property prices has resulted in a spectacular fall in Government revenue. During the first four months of 2008, Capital Gains Tax receipts fell by 17% to €116.18 million from €139.42 over the same period last year. Meanwhile, property revenue plummeted by a massive 25% to €1.5 million […]

ACCORDING to press reports, a decline in Cyprus property prices has resulted in a spectacular fall in Government revenue.

During the first four months of 2008, Capital Gains Tax receipts fell by 17% to €116.18 million from €139.42 over the same period last year. Meanwhile, property revenue plummeted by a massive 25% to €1.5 million from €2 million a year ago.

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