Cyprus Mail
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Income tax revenue down for Jan-Feb 2014

Income tax revenue dropped 8.0 per cent or 27.3 million year-on-year for January and February, it was announced on Friday.

According to data released by the Inland Revenue Department (IRD), the total income for the above period was €305.3 million compared with €332.6 million in January and February 2013.

The data shows a drop of €7.01 million or 26 per cent in the tax revenue from civil servants, a drop of €8.09 million or 15 per cent from corporate tax, and a reduction of €8.22 million or 5.0 per cent from the special contribution to the defence fund.

IRD data shows that the private sector income tax marked a decrease of 9.0 per cent while the self-employed income tax also recorded a decrease of 29 per cent.

capital gains tax fell 38 per cent to €3.1 million compared with €4.9 million the same period last year.

 


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