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Cyprus : INCREASE in Cyprus VAT REVENUE.

The VAT Service declared that in July, revenue from Value Added Tax reached 151.4 mln, giving an increase of 1.4% compared with 149.2 mln in the corresponding month of 2012. The VAT rate is currently 18%. "Taking into consideration the economic crisis, the recession and the sizeable reduction in imports, the increase of the VAT revenue by 2.2 mln can be considered as particularly important, as it contributes positively to the Ministry of Finance's effort to achieve the fiscal targets set out," the VAT service said.

VAT receipts from companies in Cyprus increased in July by 3.9%. "The Service will continue intensifying efforts to collect and to shield public revenue especially during this difficult period amid an unprecedented economic crisis," it added.

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Publication:Mena Report
Geographic Code:4EXCY
Date:Aug 22, 2013
Words:140
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