Increased revenue from direct tax by pound 357 million in 2022 and from indirect tax by pound 407 million, compared to 2021 has led to a surplus of pound 300 mln from operational and investment activities, reversing the pound 465 million deficit recorded in 2021, according to the Republic of Cyprus Fiscal Report for 2022 that was submitted to the House of Representatives on March 31, 2023. Moreover, according to data published on Monday by the Republic’s Treasury, the total amount of lending on December 31, 2022, excluding the intergovernmental lending, dropped by pound 769 million compared to December 31 2021, and was reduced to pound 22.73 billion. According to the Treasury, the Fiscal report was approved by the Council of Ministers on March 29, 2023. As it is noted, the total revenue during 2022 from operational and investment activities reached pound 8 billion, while the corresponding spending reached approximately pound 7.7 billion, and therefore the surplus from operational and investment activities was pound 300 million. In 2021 there was a deficit of pound 465 million. After the inclusion of the net spending to service public debt, the net outflows reached pound 156 million. In 2021 net outflows were pound 904 million. According to the Treasury, taking into consideration the withdrawals and the payment of loans during 2022, the net outflows were pound 898 million (pound 1.548 million in 2021). The Treasury said that the surplus of operational and investment activities was due to increased revenue from direct taxes, while the main categories of state expenses are transfers, staff expenses, pensions and gratuities.
Source: Cyprus News Agency