Cyprus Govt Worried About Revenue - Property Prices Fall

The government is worried over its finances after the dramatic drop in prices and sales of property on the island, said the Cyprus News Agency today.

According to Minister of Finance Charilaos Stavrakis, government revenue this year will also be significantly impacted by the drop in profitability from foreign companies paying taxes in Cyprus.

Commenting on the 15% drop in revenue from tourism in the first six months of the year, Mr. Stavrakis said that the government did receive money from VAT charged to tourists, but this is not directly related to public finances.