Cyprus Mail

Revenue from VAT in July increases by 1.4 per cent

Revenue from Value Added Tax in July reached €151.4 million, marking an increase of 1.4 per cent compared with €149.2 million in the corresponding month of 2012, the VAT service announced on Wednesday.

“Taking into consideration the economic crisis, the recession and the sizeable reduction in imports, the increase of the VAT revenue by €2.2 million can be considered as particularly important, as it contributes positively to the ministry of finance`s effort to achieve the fiscal targets set out,” a press release issued by the VAT service reads.

VAT receipts from companies in Cyprus increased in July by 3.9 per cent.

“The Service will continue working with zeal and determination intensifying efforts to collect and to shield public revenue especially during this difficult period amid an unprecedented economic crisis,” the statement said.

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