FAMAGUSTA GAZETTE -Government revenues in Cyprus rose by 13% during the January-February 2025 period, according to data released by the Statistics Office.
This growth is attributed to new taxes on households, alongside ongoing price increases for electricity, petroleum products, and basic necessities.
Additional “green” taxes on petroleum products, water, and waste management are also anticipated.
The administration’s revenue reached €2,724.6 million, a 12.5% increase compared to €2,421.3 million during the same period in 2024.
Meanwhile, expenditures rose by 9.6%, from €1,889.6 million to €2,070.4 million. The budget surplus for the first two months of 2025 set a new record at €654.2 million, equivalent to 1.9% of GDP.
Income from production and import taxes grew by 12.4%, amounting to €92.5 million, while net VAT income increased by 6.8%, reaching €559 million.