Investor Presentaiton
Budget revenue reflects strong economic activity
• Corporate tax revenue in steady increase over the past
years reflecting corporate profitability and recovery of
nearly all sectors of the economy.
Personal income revenue has recorded increases,
albeit at lower levels than corporate tax revenue,
relating to the improvement in the labour market both
in terms of higher employment and wage increases.
• VAT collections record strong increases primarily from
trade and construction sectors.
• Budget revenue at 39,9% of GDP with EU average
being 45% in 2018.
Budget revenue, EUR million
2.545
2.074
1.789
1.691
629
677
745
803
445
459
500
555
558
400
1.648
2015
2016
2017
2018
Jan-Aug 2019
Personal Income Tax
Corporate Tax
VAT
Budget revenue, % change y-o-y
Source: Cyprus Statistical Service, Eurostat, Ministry of Finance
16
10
8
4
23
20
11
13
6
9
8
2'
3
2
2015
2016
2017
2
2018
Jan-Aug2019
Corporate Tax
Personal Income Tax
VAT
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