NICOSIA The total collections of Inland Revenue Department (IRD) marked an increase of 20% or 40.52 million Euro in January 2013, compared to the same month of 2012.

According to data released on Monday by the Inland Revenue Department, the increase is mainly due to the 47% increase of the special contribution to defence fund.

The total collections of the IRD for January 2013 reached 240.259.908 euro from 199.738.918 euro in January 2012.

The collections from the special contribution to Defence Fund reached 129.044.169 euro in January 2013 compared to 87.812.295 euro in January 2012. The income tax on legal persons/companies (corporation tax) marked an increase of 28% in January 2013 or 9.668.681 euro.

The public sector income tax marked a decrease of 20% (from 16.161.116 in Jan 2012 to 12.857.231 euro in Jan 2013).

Likewise, the private sector income tax decreased in January 2013 by 6%, compared to the same month of 2012 (from 35.001.036 euro to 32.917.472 euro).

The self employed income tax marked a huge decrease in January 2013, and from 14.759.040 euro in January 2012 fall to 3.063.222 euro.

The special contribution of the public and private sector increased by 3.125.252 euro or 918% (from 340.506 euro in January 2012 to 3.465.758 euro in January 2013).

On the other hand, the capital gains tax decreased by 38% in January 2013 compared to January 2012 (from 3.947.285 euro to 2.429.321 euro).

The total collections of IRD decreased by 351.757 euro due to a decrease of 9% in the stamp duty, and by 111.153 euro due to a decrease of 13% in immovable property tax (from 866.236 euro in Jan 12 to 755.083 euro in Jan 13).

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