Some 380,000 motorists out of around 720,000 have paid their road tax ahead of the March 10 deadline, the road transport department said on Tuesday.
After that date, drivers will be charged a late fee of €10 and an additional penalty of 10 per cent of their tax.
Head of the department, Sotiris Kolettas said most drivers left it until the last moment but previous years were better as regards renewals.
Drivers have 70 days to pay their tax, as renewal started on January 7.
Kolettas said 99 per cent of the renewals were done online. The rest mainly concerned cases where there was a problem with the vehicle.
To renew the road tax, a vehicle must have a valid MOT and insurance.