China to exempt NEV purchase tax for 2021-22
China will exempt the purchase tax on new energy vehicles (NEVs) for next year and 2022.
China's vehicle purchase tax is 10pc of the cost of the vehicle before the value-added tax for domestically produced vehicles. The purchase tax for imported vehicles is 10pc of the cost of the vehicle, including both the import tax and consumption tax.
China's ministry of industry and information technology and the state taxation administration regularly refresh a list of NEVs that are eligible for the purchase tax exemption. The latest update was issued on 12 March, which is the 30th update since the list was introduced.
The exemption will apply to NEVs that have been included in the list before 31 December this year.
China earlier this month announced that it will extend government subsidies on NEVs for two years to the end of 2022.
The country is also drafting a NEV industry development plan for 2021-35, as part of efforts to stabilise and boost NEV consumption, as well as promote a sustainable industry.
China's automobile market is expected to recover in the second quarter of this year as the Covid-19 outbreak has eased in China, although demand is unlikely return to last year's levels. China produced 105,000 NEVs during January-March, down by 60.2pc from a year earlier, with sales of 114,000 NEVs falling by 56.4pc over the same period, according to data from China's automotive manufacturers association.
source: Argus Media
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