ECONOMY

Car sales turnaround on tax cut

Car sales grew by over 5 percent year-on-year last month and by a massive 80 percent from April, thanks to the incentive given to the market with the reduction of the registration tax. May data of the Association of Motor Vehicle Importers-Representatives suggested that the measure did not only breathe life into the market that had shown a 40 percent year-on-year decline in April but has actually increased public revenue by about 35 to 40 percent to an estimated 120 million euros. Data further showed particular growth in the vehicle category between 1,600 and 1,800 cubic centimeters. Now car dealers are asking for the measure to be extended beyond its deadline of August 7 to the end of the year, although the government is unlikely to accept this.