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Cyprus property tax revenues slump 27 pct Jan-Oct
Thu, 20th Nov 2008 08:14
NICOSIA, Nov 20 (Reuters) - Cyprus's tax receipts from real estate transactions fell 27 percent in the first ten months of the year though overall revenues were marginally higher than last year, data released on Thursday showed.
Reflecting a downturn in the property market, capital gains tax fell revenue fell to 278.86 million euros from January to October, from 382.78 million in the first ten months of 2007.
The levy is primarily charged on disposal of real estate, a sector which has been hit by slumping demand from west European markets for holiday homes on the island.
High real estate revenues helped propel state finances to a 3.3 percent surplus in 2007. Authorities expect a surplus of around 1.0 percent in 2008.
Cyprus's inland revenue department Jan-Oct data showed an 11 percent increase in corporate tax revenues. Overall, total receipts were 2 percent higher at 1.7 billion euros.
(Writing by Michele Kambas, editing by Chris Pizzey) Keywords: CYPRUS REVENUES/
(michele.kambas@reuters.com; 357 22 469607; Reuters messaging michele.kambas.reuters.com@reuters.net)
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Copyright Thomson Reuters 2008. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Reflecting a downturn in the property market, capital gains tax fell revenue fell to 278.86 million euros from January to October, from 382.78 million in the first ten months of 2007.
The levy is primarily charged on disposal of real estate, a sector which has been hit by slumping demand from west European markets for holiday homes on the island.
High real estate revenues helped propel state finances to a 3.3 percent surplus in 2007. Authorities expect a surplus of around 1.0 percent in 2008.
Cyprus's inland revenue department Jan-Oct data showed an 11 percent increase in corporate tax revenues. Overall, total receipts were 2 percent higher at 1.7 billion euros.
(Writing by Michele Kambas, editing by Chris Pizzey) Keywords: CYPRUS REVENUES/
(michele.kambas@reuters.com; 357 22 469607; Reuters messaging michele.kambas.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2008. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
