Almost half of vehicle owners in Cyprus, under any regulations, stay at the last minute to renew their vehicle licenses. This also happened when the renewal period was 30 days and later when it became 60 days and now with the latest legislation the renewal period is 70 days.
The similarity in the behavior of vehicle owners in the renewals of licenses last year and this year is astonishing, with slightly slower rates being recorded this year. Last year, until yesterday, the licenses of 415.000 vehicles were renewed and this year, until yesterday, 405.000 vehicles. Last year until the corresponding day yesterday, the State had collected from traffic fees for 2016 the total amount of € 38,6 million and this year until yesterday the State collected € 37,3 million.
In the first 63 days of the 70-day period this year, vehicle licenses were renewed at a rate of 6.360 vehicles per day and the State received about € 800.000 per 24 hours, while last year the renewals averaged 6.560 per day and receipts € 811.000 per 24 hours. It should be noted that until yesterday the state treasury received a total of € 50 million from license renewals, while it is expected that by the end of next week it will exceed € 90 million.
While in the first 63 days, the registration license of 55% of the vehicles was renewed, within the next few days the registration fee is expected to be renewed for the remaining 45% of the vehicles in operation. In other words, it is expected that in the next seven days until the end of the license renewal period next Saturday, the owners of about 370.000 vehicles will rush to pay the fees, ie the renewals will be done at an average rate of about 50.000 vehicles per day. Something that will obviously put TOM and JCCSmart payment systems digital systems to the test this year as well.
Source: Liberal