Chinese Government Slashes Taxes On New Vehicle Purchases Until Next Year
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The Chinese government has put into place a new policy that slashes taxes on eligible new vehicle purchases by 50 percent. Having gone into effect October 1st and running until the end of next year, the program allows new vehicle buyers to save thousands of Yuan (RMB) on new vehicles.
The program slashes the tax rate to 5 percent from the previous 10 percent. To be eligible, vehicles must have engines of 1.6 liters and smaller.
The program comes as new car sales in China have slid in the world’s largest automotive market, impacting giant automakers like General Motors, among others.
A total 30 models sold by GM and its joint ventures in China will be eligible for the discount. See the 30 eligible models here.
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