Cyprus tax receipts from property tumble

REFLECTING Cyprus’ stagnant property market, Capital Gains Tax receipts on the island tumbled 82% in the first four months of the year to €21.3 million; Stamp Duty and Immovable Property Tax receipts also fell.

The Cyprus Finance Ministry anticipates a budget deficit in 2009 between 0.6% and 0.8% of GDP; the first time the euro zone member will have had a shortfall since 2006. Last year the island had a budget surplus of 1% of GDP.