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IRD income drops 8% in Jan-Feb 2014

07/04/2014 11:33
The Inland Revenue Department (IRD) has announced that its income in January and February this year dropped by 8% or 27.30 million euro compared to 2013 figures.

According to data released Friday by the IRD, the total income for the above period was 305.32 million compared to 332.62 million in January-February 2013.

The data shows a decrease of 7.01 million euro or 26% in the tax revenue from civil servants, a drop of 8.09 million or 15% from corporate tax and a reduction of 8.22 million or 5% from the special contribution to the Defence Fund.

The data, however, also shows an increase of 1.66 million in the total revenue collected in February 2014, compared to last February, thus restricting to the minimum the big reduction in revenue by 28.96 m. or 12%, which was registered in the IRD income in January 2014.

IRD data shows that the private sector income tax marked a decrease of 9% while the self-employed income tax also recorded a decrease of 29%.

Capital gains tax decreased by 38% to 3.05 million euro compared to 4.97 million the same period last year.