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Tax revenues plummet as property boom ends

THE Cyprus Inland Revenue Department has released details of total tax revenues collected during the first 5 months of 2008. Overall revenues stood at € 651.6 million, an increase of 1.1% on the €644.8 million collected during the same period last year. The disappointing performance is attributed to the sharp fall in property related tax […]

THE Cyprus Inland Revenue Department has released details of total tax revenues collected during the first 5 months of 2008. Overall revenues stood at € 651.6 million, an increase of 1.1% on the €644.8 million collected during the same period last year.

The disappointing performance is attributed to the sharp fall in property related tax receipts as the property boom ended.

Capital Gains Tax receipts, the majority of which results from profits arising from real estate sales, fell by 16% to €144.4 million compared with € 171.5 million a year ago. Other property-related tax revenues plummeted by 22% to just €2 million.

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