Revenue from Value Added Tax in July reached €151.4 million, marking an increase of 1.4% compared with €149.2 million in the corresponding month of 2012.
"Taking into consideration the economic crisis, the recession and the sizeable reduction in imports, the increase of the VAT revenue by €2.2 million can be considered as particularly important, as it contributes positively to the ministry of finance's effort to achieve the fiscal targets set out,” says the Cyprus VAT service.
VAT receipts from companies in Cyprus increased in July by 3.9%. “The Service will continue working with zeal and determination intensifying efforts to collect and to shield public revenue especially during this difficult period amid an unprecedented economic crisis,” the VAT service statement said.
