Demand for Cyprus property boosting economy
The economy in Cyprus is reaping the benefits of continued demand for property in the country, new figures have shown.
According to official data cited by the Financial Mirror, the Cypriot government has received increased revenue from capital gains tax on property during the year to date.
Figures indicated that between January and September 2007, the amount of revenue generated by the charge was 153 per cent higher than during the same period a year earlier.
This led to the overall amount being produced in tax increasing 44 per cent on 2006 to £1.04 billion.
Cyprus' Inland Revenue department attributed this to strong demand in the property market, as well as a healthy climate for businesses.
In addition, the country's tax deficit was said to have been improved as a result of more efficient collection mechanisms.
Much of the demand for property in Cyprus has come from investors based in other countries.
UK newspaper the Times recently predicted that the island would soon become a more attractive destination to foreign buyers after it entered the euro in 2008.
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