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    25 August 2017

    Government collects 57% of budget’s revenue in seven months

    Government collects 57% of budget’s revenue in seven months

    The central government’s revenue in the first seven months of 2017 rose by €438m, to almost €3.5bn, on a cash basis, compared to the respective period last year, the Treasury said.

    Total government expenditure rose by €165.7m in January to July, to below €3.5bn, compared to the respective seven-month period of 2017, the Treasury said in a statement on its website.

    In the first seven months of the year, the central government, excluding municipalities and other public entities, has collected 57% of 2017’s expected revenue of over €6bn, the Treasury said. last year’s revenues reached €5.7bn.

    In January to July, the government spent 51% of the €6.7bn budgeted for this year, against €3.3bn sent in the respective period of 2016, and €6.1bn in 2016, the Treasury said.

    In the first seven months of the year, the government collected 54 % of expected revenue from direct taxes for the year — under €1.2bn — and 61% of expected indirect taxes, or €1.8bn.

    The government spent a total of €138.8m in capital expenditure in the first seven months, which accounts for 25% of the budgeted amount, €92.9m in other investment projects, or for four-tenths of the budget.

    Source: Cyprus Mail

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