China's Ministry of Finance (MOF) and State Administration of Taxation announced an adjustment to the consumption tax policy for ultra-luxury cars.

The adjustment will lower the threshold for imposing additional consumption tax on ultra-luxury cars from the retail price of RMB1.3 million to RMB900,000 per vehicle, with an aim to further guide rational consumption.

In addition, the MOF issued a separate notice stating that the scope of ultra-luxury cars subject to additional consumption tax will be adjusted to include passenger vehicles and medium-light commercial buses of all power types (including pure electric and fuel cell) with a retail price of RMB900,000 (excluding VAT) and above.

For ultra-luxury cars like pure electric and fuel cell vehicles without cylinder capacity (displacement), consumption tax will only be levied at the retail stage. No consumption tax will be imposed on the sale of second-hand ultra-luxury cars by taxpayers.

Both regulations will be effective from Sunday (20th).
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AAStocks Financial News
Web Site: www.aastocks.com

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