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Cypriot tax revenues rose in 2020

Cypriot tax revenues rose in 2020

Cyprus income tax revenue for the tax year 2020 increased by 25.6 million euros, compared to 2019, with the total amount exceeding €642 million.

Data obtained by the Cyprus News Agency show that the tax paid by employees, without additional revenue from other sources, for the tax year 2020 amounted to €573.9 million until now, recording an increase of €28.7 million compared to 2019, when the amount was €545.2 million.

Self-employed people with or without accounts and people with other income apart from their salaries paid €36 million for the tax year 2020, which is €6 million more than 2019.

Cyprus Tax Department revenue from self-taxation for the tax year 2020 amounted to €32.5 million, compared to €41.6 million for 2019.

Out of the €32.5 million paid for self-taxation for the tax year 2020, €18.6 million was paid by employees and €19.9 million by the self-employed and managers, data showed. 

Out of the €41.6 million paid for self-taxation for the tax year 2019, €21.3 million was paid by employed persons and €20.3 million by the self-employed and managers.