In­land Rev­enue col­lec­tion falls 3% in Jan-July

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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