ECONOMY

Car tax incentive submitted

New cars and motorcycles will be cheaper as of this Monday, after a bill for a reduction of up to 50 percent in their registration tax was submitted to Parliament yesterday. The measure will be valid until August 7 and is intended to boost the flagging domestic market. Secondhand vehicles will also see their prices drop, as the transaction levy and the licensing charge are to be abolished until December 31. The bill also includes significant changes in the single property tax, as it introduces a tax-free ceiling of 200,000 euros for 2009 of the property’s value for every family with no children or just one child, adding 30,000 euros to that amount for very additional child. The 0.1 percent tax rate beyond the tax-free ceiling remains the same. The draft law further provides for an extension to the deadline for the settlement of debts and cases still pending up to June 30 this year.