China to Surge arrestor offer lower sales tax on all passenger cars next year
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China to offer lower sales tax on all passenger cars next yearPublished: 30 Nov 2009 01:24:51 PST

More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market Nov. 30, 2009 (China Knowledge) - The Chinese government will uphold and extend its 2009 sales tax cuts on passenger cars in 2010 to support the country's auto industry, the official Shanghai Securities News reported over the weekend.

The Chinese-language newspaper said that the Ministry of Finance and the National Development and Reform Commission have both agreed to extend auto sales tax cuts into next year, a move which helped boost the country's auto sales to record highs this year.

Furthermore, the new tax-cut policy will apply to all passenger cars, though cars with engine sizes smaller than 1.6 liters will enjoy deeper tax cuts, said the newspaper.

In the first ten months of the year, vehicle sales in China increased 37.8% year on year to 10.89 million units, breaching the 10-million-unit barrier for the first time ever, according to figures released by China Association of Automobile Manufacturers.

Monthly vehicle sales in October jumped 72.5% year on year to 1.22 million units thanks to government stimulus measures, which included tax-cuts on small cars and subsidies for buyers in rural areas when trading old cars for new and more fuel efficient ones.

Sales of passenger cars rose 75.8% from a year earlier to 946,400 units in October, said CAAM.



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