NEWS

Tax breaks for trading in old bikes

Owners of motorcycles that have been on the road for more than 10 years and whose engines measure over 50 cubic centimeters (cc) and less than 300 cc will enjoy some tax breaks if they trade their bikes in for a newer model, according to a series of reforms unveiled yesterday by Transport Minister Michalis Liapis. The draft legislation offers bikers incentives to trade in their old and noisy motorcycles for more environmentally friendly models. According to the bill, owners of motorcycles or scooters with engines measuring more than 50cc will be exempt from «classification» tax when purchasing a new motorcycle, while newly purchased bikes with engines measuring up to 300cc will also be exempt from road tax. For owners of old motorcycles who buy a new model with an engine in excess of 300cc, road tax is to be exempted for five years. The incentives appeared to be less than expected, as 50cc scooters, with form the bulk of motorcycles, are exempt. Also, the tax varies from 2-7 percent, a gain of about 450 euros for an average motorcycle.