Caixin
Jun 01, 2022 05:30 AM
ECONOMY

China Expands Tax Cuts to Autos With Bigger Engines

China’s car sales plunged nearly 48% in April year-on-year to 1.18 million vehicles.
China’s car sales plunged nearly 48% in April year-on-year to 1.18 million vehicles.

China will cut the sales tax by half to 5% on some low-emission passenger vehicles as part of the government’s push to raise consumption hammered by Covid lockdowns.

The Finance Ministry and the State Taxation Administration issued details of the sales-tax cut Tuesday. The government rolled out a series of measures to support businesses and consumer spending at a State Council meeting last week chaired by Premier Li Keqiang, including cuts of 60 billion yuan on passenger car purchase taxes.

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