You are here

Tax cut proposal in cars enters final stage

15/09/2003 09:26
The technocratic study for the revision of duties in public services carried out by four Ministries will enter its final stage this week. Meanwhile, the Finance and Transport Ministries will meet on Thursday to compete the draft for proposed tax cuts in the purchase of new cars.

According to StockWatch sources, the technocratic studies have been set before the Finance Ministry, while the Finance and Transport Ministers will have to submit their proposals before the Council of Ministers.

Finance Minister, Marcos Kyprianou had stated that the government will proceed to the increase in the public service duties for those citizens whose revenues reach CYP 28 million. Specifically, the mortgaging duties will be revised as follows: For property of up to CYP 50,000, they will increase to 1%, the land survey rights to CYP 5, the topographical rights from CYP 0.60 to CYP 1, the property deeds from CYP 0.25 to CYP 1, the topographical projects from CYP 0.50 to CYP 1 and the survey rights from CYP 1 to CYP 5.

The Interior Ministry will also promote a new bill to facilitate the issue of deeds to flat owners, which is expected to add more than CYP 200,000 to the state fund. The government is also considering increasing the duties in the issue of passports, ID cards and birth certificates from 25% to 50%, as well as the transfer, registration and road taxes.


The technocrats of the Finance and Transport Ministries will have a meeting on Thursday to complete their proposals on the tax cut in new cars, which is not expected to exceed 15%.