The Inland Revenue Department collections have been reduced by 3% in the first seven months of the year compared to the same period of 2013, official data released on 2/9/2014 show. In particular, total collections in the period January – July 2014 came to €973.2 million compared to €1,002.3 million 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, which however was counterbalanced on an increase in collections from immovable property tax (102%), capital gains tax (67%), imposed 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 €71,851,158 compared to €89,202,976 in 2013. Private sector employees` income tax fell by €12,823,588 down to €168,364,710 in the first seven months of 2014 from €181,197,298 in the same period of 2013. Until the end of July 2014 the Inland Revenue had collected €15,320,137 from self employed people compared to €18,204,306 in the first seven months of the previous year.
At the same time corporate tax collections came to €297,431,617 compared to €325,622,929 last year. Immovable property tax collections more than doubled at €12,089,531 in 2014 compared to €5,991,537 in 2013. January – July 2014 collections on capital gains tax were recorded at €19,909,787 compared to €11,899,709 in 2013. The special contribution of public and private sector was up in the first seven months of this year by €9,002,659 at €25,088,707 compared to €16,086,048 in 2013. Source: Cyprus News Agency/Stockwatch