Insider Economy Cyprus Customs Department receives billions

Cyprus Customs Department receives billions

The Cyprus Customs and Excise Department has received €4.4 billion over the last four years, according to its annual report which was recently released. The report also shows that the contribution of VAT to boosting the Department’s revenue is significant. And that this is on the rise year after year.

Last year, the Department’s total contribution to state funds was €1.16 billion, €1.14 billion in 2017, €1.06 billion in 2016 and €1.04 billion in 2015. Last year alone, the Department’s revenue increased by 2.3% compared to 2017, reaching a total of €26.2 million.

Of the total of €1.16 billion received, €486.8 million came from VAT on imported goods. However, collections from import duties, that is consumption taxes and other revenue, decreased by €2.4 million, reaching €682.1 million in 2018 compared to €684.5 million in 2017. Specifically, excise duty revenue came from energy products (petroleum products) which amounted to €406.9 million in 2018 compared to €409.5 million in 2017.

In addition, the government’s revenue from excise duty on tobacco products was €188.1 million last year, compared to €190.6 million in 2017. As for excise duty on alcohol and alcoholic beverages, this amounted to €37.9 million in 2018 compared to €37.8 million in 2017, marking an increase of 0.3%. Of the taxes imposed on other products (eg vehicles, crystals), last year’s revenue rose by 2.8%, reaching €14.6 million compared to €14.2 million in 2017. In the meantime, import duty revenue was €27 million in 2016 and €20.3 million in 2015.

From VAT on entry and import of goods the state received a total of €493.8 million and €398.7 million, respectively, over the past two years. A total of €200,000 worth of goods were seized, while €7,750 was received as a compromise amount for failure to declare. In addition, a court order is pending for confiscated goods amounting to €113,600 for which there is evidence of illicit drug trafficking behind it.

Read more:

https://in-cyprus.com/customs-seize-contraband-tobacco-luxury-clothing-and-other-goods/

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