road tax

Opinion: Thoughts on the upcoming tax reform

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Opinion: Thoughts on the upcoming tax reform

Tax reform should aim for sustainable finances and economic equity. Personal income tax should include taxing family income, with a tax-free bracket of €25,000 per individual or €50,000 per family. A flat 20% tax on all personal income above the tax-free bracket is proposed. Corporate tax should be leveled at 20% to be competitive and fair. A fair tax on immovable property is suggested to combat tax evasion and incentivize property owners to rent out vacant properties. VAT rates can be adjusted, and a flat road tax per car is recommended to cover road infrastructure costs. Carbon emission taxes should be imposed on fuels to fund carbon reduction and renewable energy initiatives.

Drink driver arrested at almost seven times limit

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Drink driver arrested at almost seven times limit

Police in Polis Chrysochous arrested a 41-year-old man for drink-driving and evading arrest after he crashed his vehicle into a water-pumping machine on the Prodromi-Polis Road. The incident occurred around 8pm on Thursday. The man, who was not injured, appeared drunk and refused an alcohol test at the scene. A subsequent test at the station showed an alcohol level of 147µg, significantly above the legal limit of 22µg. Additionally, it was discovered that he was driving without a license, insurance, and road tax.

Renew your road tax by March 10

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Renew your road tax by March 10

The Cyprus Transport Ministry announced that the 2024 circulation tax for all motor vehicles can be renewed for 3, 6, 9, or 12 months. Failure to renew the road tax by March 10 will result in a €10 surcharge and a 10% penalty on the outstanding amount. To renew the road tax, a paid-up motor insurance policy and a valid road worthiness certificate (MOT) are required. The motor circulation license can only be renewed at the Road Transport Department’s website as of June 2023. 95% of all circulation licenses were renewed online last year, with 85% opting for a full 12-month renewal. Electric vehicles are exempt from road tax. The Department’s revenues may be affected by the introduction of EVs in the Cyprus market.