Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 6th August 2020
Home Property Statistics Cyprus tax receipts from property tumble

Cyprus tax receipts from property tumble

REFLECTING Cyprus’ stagnant property market, Capital Gains Tax receipts on the island tumbled 82% in the first four months of the year to €21.3 million; Stamp Duty and Immovable Property Tax receipts also fell.

The Cyprus Finance Ministry anticipates a budget deficit in 2009 between 0.6% and 0.8% of GDP; the first time the euro zone member will have had a shortfall since 2006. Last year the island had a budget surplus of 1% of GDP.

Cyprus Inland Revenue Department collections January - April 2009
Cyprus Inland Revenue Department collections January - April 2009

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