Celebrating their imminent accession to the EU, Cypriots are tasting some European-style tax rises as from the beginning of 2003. The main blow is a further 2% on VAT as from the first of the year, taking it to 15%. And vehicle registration fees will increase by 20% to CYP340 for a 1600cc saloon car annual road taxex also go up, by 10% for petrol-fuelled vehicles weighing up to 1,016 kilograms and 20% for heavier vehicles.
On the positive side, petrol prices have gone down a little, although diesel will now cost more. And the tax on gas has gone up by a whopping 40%.
Payroll taxes, however, have fallen. The tax-free earned income allowance has risen from CYP6,000 to CYP9,000, and will rise further to CYP10,000 in a year's time. Income tax will be 20% between CYP9,000 and 12,000, 25% between CYP12,001 and 15,000, and 30% above that.
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