China’s new vehicle purchase tax a boon for auto sales?
Jul 02, 2019 17:30
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A revised version of China’s vehicle purchase tax law which officially took effect on July 1 should make purchasing a new vehicle slightly cheaper for Chinese consumers. However, opinion is divided about whether the law’s revision will help give a badly needed boost to the country’s automotive sector.
The new version of the vehicle purchase tax law, approved last December and replacing regulations in force for eighteen years, dictates that vehicle buyers – except for those who meet the specific requirements for receiving subsidies – should pay a purchase tax of 10% based on the actual payment made