02/10/2003 09:26
The bi-ministerial committee consisting of Transport and Finance Ministers, Kikis Kazamias and Marcos Kyprianou is expected to submit to the Council of Ministers the bill on the tax cut in new cars in mid October.
On a press conference held on Wednesday, Mr. Kyprianou said that the study on the tax cut in cars has entered its final stage, while the government’s aim is to create the prospects for the renewal of the Cyprus cars for safety and environmental reasons.
“The state cannot afford to lose revenues at this stage”, Mr. Kyprianou said, emphasizing that the tax cut in cars will be accompanied by a number of relevant decisions that will enable the state to have alternative sources.
As regards to the EU legislation concerning the abolition of the monopoly of car importers, Mr. Kyprianou said that this will provide more incentives and opportunities to the consumers to buy a car in lower price.
Meanwhile, StockWatch sources reveal that the joint technocratic study of the Finance and Transport Ministries for the tax cut in cars has proceeded to the categorization of cars, in accordance with their capacity:
0-1500 cc
1500-1700 cc
1700-2000 cc
2000-2600 cc
2600 cc and over
The imposition of duties will depend on the capacity of the car and the tax cut will be more apparent in the low capacity cars.
On a press conference held on Wednesday, Mr. Kyprianou said that the study on the tax cut in cars has entered its final stage, while the government’s aim is to create the prospects for the renewal of the Cyprus cars for safety and environmental reasons.
“The state cannot afford to lose revenues at this stage”, Mr. Kyprianou said, emphasizing that the tax cut in cars will be accompanied by a number of relevant decisions that will enable the state to have alternative sources.
As regards to the EU legislation concerning the abolition of the monopoly of car importers, Mr. Kyprianou said that this will provide more incentives and opportunities to the consumers to buy a car in lower price.
Meanwhile, StockWatch sources reveal that the joint technocratic study of the Finance and Transport Ministries for the tax cut in cars has proceeded to the categorization of cars, in accordance with their capacity:
0-1500 cc
1500-1700 cc
1700-2000 cc
2000-2600 cc
2600 cc and over
The imposition of duties will depend on the capacity of the car and the tax cut will be more apparent in the low capacity cars.
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