Steep rise in tax revenue from banks

Government revenue from income tax charged on the banks rose from Lm13.1 million in 2002 to Lm22.3 million last year, while revenue from other companies was practically unchanged, at Lm49.9 million in 2002 and Lm50.2 million last year, information...

Government revenue from income tax charged on the banks rose from Lm13.1 million in 2002 to Lm22.3 million last year, while revenue from other companies was practically unchanged, at Lm49.9 million in 2002 and Lm50.2 million last year, information given in Parliament yesterday shows.

Revenue from provisional tax on capital gains from the banks rose from Lm29,005 in 2002 to Lm79,389 last year while revenue from other companies declined from Lm11.3 million in 2002 to Lm10.2 million last year.

The information was given by the Prime Minister in reply to a question by Charles Mangion (MLP).

Dr Gonzi also told Carmelo Abela (MLP) in reply to another question that VAT revenue from education totalled Lm216,809 in the first half of this year.

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