motor vehicles

New vehicle sales decline 17pc on high taxes, interest rates

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New vehicle sales decline 17pc on high taxes, interest rates

Sales of new vehicles in Kenya fell 17.66 percent in the first quarter of 2024, the sharpest drop in seven years. This decline was attributed to increased taxation, rising interest rates, and a weakened shilling. Dealers such as Isuzu, CFAO, and Simba Corporation have been struggling in a tough operating environment, with climbing interest rates and pending bills affecting demand. The Kenya Revenue Authority also increased duty on shipping cars into the country, further impacting sales. Isuzu East Africa and CFAO Motors Kenya, which control a significant portion of new vehicle sales, experienced declines in sales, while Simba Corp saw a modest increase. The falling demand for vehicles has also affected government revenues.

Cyprus economy sees highest growth rate in five quarters

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Cyprus economy sees highest growth rate in five quarters

The Cypriot economy exhibited its highest growth rate in the last five quarters during the first quarter of 2024, with Gross Domestic Product (GDP) increasing by 3.5 per cent compared to the same quarter of 2023.

Q1 growth rate seen at 3.5%

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Q1 growth rate seen at 3.5%

The Cyprus economy’s growth rate in real terms during the first quarter of 2024 is positive, with a gross domestic product estimated at 3.5% year-on-year according to Cystat.

Corporate Taxes Before and After the Trump Tax Law

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Corporate Taxes Before and After the Trump Tax Law

– America’s largest, consistently profitable corporations saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2017.
– The 296 largest and consistently profitable U.S. corporations paid 0 billion less in taxes from 2018 to 2021 compared to before the Trump tax law.
– While profits for these corporations rose by 44 percent after the Trump tax law, their federal tax bills dropped by 16 percent.
– The number of corporations paying tax rates of less than 10 percent increased from 56 to 95 after the Trump tax law.
– Many well-known corporations, including Walmart, Verizon, Disney, and Meta, had the largest tax reductions after the Trump tax law.

Cyprus industrial production index rises in February

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Cyprus industrial production index rises in February

The Industrial Production Index in Cyprus increased by 6.7% year-on-year in February, reaching 103.4 points.

Cyprus, ’ economy in January and February 2024

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Cyprus, ’ economy in January and February 2024

The Cyprus Statistical Service (Cystat) released its bimonthly bulletin “Monthly Economic Indicators” covering January to February 2024. The Manufacturing sector saw a 3.2% increase in January 2024 compared to January 2023. Motor vehicle registrations surged by 45.0% in January and February 2024, with private saloon cars increasing by 50.1%. The Consumer Price Index rose by 1.8% during the same period. Imports of goods decreased by 32.2%, while exports of goods decreased by 3.8%. Tourist arrivals increased by 1.6% in January and February 2024 compared to the same period in 2023.

Regeneration efforts in Paphos Anavargos neighbourhood

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Regeneration efforts in Paphos Anavargos neighbourhood

Fact: The regeneration project in the Anavargos neighbourhood and southern area of the traditional city centre in Paphos aims to improve traffic conditions by implementing traffic policies that prioritize pedestrian movement, limit vehicle speed to 20 km/h, and designate Shared Use Zones to prohibit parking and stopping along the road.

Cyprus sees 30 per cent annual surge in vehicle trade and repair

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Cyprus sees 30 per cent annual surge in vehicle trade and repair

In 2023, Cyprus experienced a significant increase in its Index of Trade and Repair Activities of Motor Vehicles, with a surge of 30 per cent on an annual basis, primarily due to increased prices, especially in the used car market. The Cyprus Statistical Service reported that the index for Motor Vehicle Sales reached 193.3 units in the last quarter of 2023, marking a 42 per cent annual increase. Additionally, maintenance and repair of motor vehicles saw a 12.3 per cent increase, while activities related to the sale of parts and accessories for motor vehicles increased by 11.8 per cent. Sales, maintenance, and repair of motorcycles, along with their parts and accessories, also reported a 24.5 per cent annual increase, with the index reaching 178.2 units in the last quarter of 2023.