Tuesday, July 16, 2024

Official : China extends new energy vehicles purchase tax exemption until end of 2023

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Several Chinese government departments confirmed that the purchase tax exemption for new energy vehicles (NEV) will be extended until the end of 2023.

This was revealed by China’s Ministry of Finance, State Tax Administration and Ministry of Industry and Information Technology (MIIT) said in an announcement today.

In the announcement, vehicles that can enjoy the purchase tax exemption policy include eligible pure electric vehicles, plug-in hybrid vehicles (including those that support remote technology), and fuel cell vehicles.

The purchase tax exemption policy for NEVs was first introduced in 2014. The regulation saves NEV buyers about 10,000 yuan ($1,400) compared to those buying vehicles with internal combustion engines.

The tax exemption policy originally ended at the end of 2017, but was extended until the end of 2020. China renewed the policy until the end of 2022.

From January to July, China exempted RMB 40.7 billion worth of NEV taxes, up 108.5 percent from the same period last year, Xinhua said on Sept. 1.

China considers extending a purchase tax exemption for new-energy vehicles (NEV) to boost consumption

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