Inland Revenue collection falls 3% in Jan-July
The fallout from the economic crisis and reduction in wage earners has resulted in collections by the Inland Revenue Department dropping 3% in the first seven months of the year compared to the same period last year, official data released on Tuesday showed.
Total collections in the January-July period were lower at EUR 973.2 mln, compared to EUR 1,002.3 mln during the same period of last year.
According to the data, income tax collections from public sector (-19%) and private sector (-7%) employees, as well as from self employed people (-16%) and companies (-9%) all recorded a significant or large drop. This was counterbalanced by an increase in collections from i mmovable property tax (102%), capital gains tax (67%), penalties (57%), the special contribution of the public and private sector (56%) and the reduction of salaries of the public sector (49%). Income tax collection from public sector employees came to EUR 71,851,158 compared to EUR 89,202,976 in 2013.
Private sector employees’ income tax fell by EUR 12,823,588 to EUR 168,364,710 in the first seven months of 2014, from EUR 181,197,298 in the same period of 2013.
Until the end of July, the Inland Revenue had collected EUR 15,320,137 from self employed people compared to EUR 18,204,306 in the first seven months of the previous year.
At the same time corporate tax collections came to EUR 297,431,617 compared to EUR 325,622,929 last year. Immovable property tax collections more than doubled at EUR 12,089,531 in 2014 compared to EUR 5,991,537 in 2013.
January – July 2014 collections on capital gains tax were recorded at EUR 19,909,787 compared to EUR 11,899,709 in 2013.
Likewise, the special contribution of public and private sector was up in the first seven months of this year by EUR 9,002,659 at EUR 25,088,707 compared to EUR 16,086,048 in 2013.