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On September 1st, 1993, car tax rates were reduced to counteract the withdrawal of the scrapping incentives, which resulted in a sharp drop in new registrations.
In 1993, a total of 147,789 passenger cars were registered, 50,000 less compared to 1992. In November 1993,
Law 363/1978 was repealed, which set
the taxable value
of a car on the basis
of the pre-tax sale
price in its country
of manufacture, therefore, on the basis of the presumptive value. The taxable value of the car was now defined as the ex-factory value, including transportation costs. Additionally,
at the same time the new law repealed
the excise tax and incorporated it in the registration tax.
In September 1999,
a new reduction in car taxation was adopted, decreasing even further the relevant rates of tax calculation by 50%.
This resulted in lower car prices.
 the production of 100,000 cars at its Volos plant, a 6.6 billion drachmas investment. Five years later, in 1994, the ‘Spare Parts Distribution and Training Centre’ of Nic. J. Theocarakis S.A. was established in Aspropyrgos – the training of staff had been a long-held ambition ever since the company’s early days. In the summer of 1998, Nic. J. Theocarakis S.A., at its own initiative, launched a scrapping measure for old cars, a demonstration of its constant care and attention towards drivers and the environment. This act, which combined the company’s marketing policy
with social responsibility, was very well received by the public. Moreover, this initiative did not cancel or replace any additional benefits offered to customers before scrapping. The same period, Nic. J. Theocarakis S.A. launched a series of initiatives and actions in the framework of its corporate social responsibility.
Photo on the right, on the occasion of the World Animal Day, Nic. J. Theocarakis S.A., ran an advertising campaign in the press and on TV, demonstrating in practice
its social resposibility. The campaign was awarded at the “Ermis” Awards
for displaying exceptional creativity in communication.

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