China: New energy vehicles were exempted from vehicle purchase tax of 40.68 billion yuan

The latest data from the State Administration of Taxation shows that from January to July this year, new energy vehicles were exempted from vehicle purchase tax of 40.68 billion yuan, a year-on-year increase of 108.5%, of which vehicles were exempted in July. The purchase tax was 7.17 billion yuan, a year-on-year increase of 119.1%.


The State Council executive meeting previously decided to extend the policy of exempting vehicle purchase tax until the end of next year, and continue to support the exemption of vehicle and vessel tax and consumption tax, right of way, license plates, etc. According to the report, this is conducive to promoting the consumption of new energy vehicles and promoting green and low-carbon development.


According to data from the China Automobile Association, in July, automobile production and sales reached 2.455 million and 2.42 million respectively, down 1.8% and 3.3% from the previous month and up 31.5% and 29.7% from the same period last year. From January to July, China's automobile production and sales reached 14.571 million and 14.477 million respectively, with production up 0.8% year-on-year and sales down 2% year-on-year.


In addition, in July, the production and sales of new energy vehicles were 617,000 and 593,000 respectively, a year-on-year increase of 1.2 times. From January to July, the production and sales of new energy vehicles reached 3.279 million and 3.194 million respectively, a year-on-year increase of 1.2 times.

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