Small car tax to go up to 7.5%
Print Edition
CHINA is to raise vehicle purchase tax for small passenger cars amid a warming domestic car market.
The tax rate for cars with engines below 1.6 liters will be hiked to 7.5 percent next year and to 10 percent in 2018 from a preferential rate of 5 percent that has been in place since October 2015, said a statement posted on the website of the Ministry of Finance yesterday.
For larger cars the tax rate remains at 10 percent and new energy cars continue to enjoy the tax exemption.
The State Council in October 2015 halved the vehicle purchase tax rate for small passenger cars to boost the sluggish car market which grew by single digits for two years. The preferential rate was to last until the end of this year.
The tax cut helped to boost passenger car output and sales to a record high in the first 11 months this year, the China Association of Automobile Manufacturers said.
Accumulative car sales hit 24.9 million units in the first 11 months, up 14.1 percent annually, while car output rose 14.3 percent to above 25 million units year on year.
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