The purchase tax reduction policy for small-displacement passenger vehicles that effectively stimulates automobile consumption will be retire at the end of the year. The Shanghai Securities News learned that the national authorities are brewing new policies to replace the measures. Energy-saving and environmentally-friendly cars and new energy vehicles will enjoy preferential taxation policies. It is expected that the new policy will be introduced at the end of this year and at the latest by the beginning of next year.

Recently, the news that the national competent authority plans to adjust the purchase tax for passenger vehicles has been buzzing. According to sources, the tax deduction for purchase tax on passenger cars may be further expanded next year. For example, models under 1.4 displacement may be exempt from purchase tax. This is far higher than the discount rate this year. This year, China has implemented a vehicle purchase tax reduction policy for passenger cars with displacements of 1.6L and below. The tax rate will be reduced from 10% to 5%, and the preferential policy will expire on December 31st.

However, officials of the National Development and Reform Commission responsible for the automobile industry policy have previously confirmed that the purchase tax halve policy will not be postponed, and it is considering adjusting the purchase tax collection standards and related rules. Yesterday, informed sources disclosed that the Ministry of Industry and Information Technology is brewing a new policy for stimulating auto consumption. It is expected that it will be implemented next year to replace the passenger vehicle purchase tax preferential policy that expires at the end of this year. In the future, consumers who purchase energy-saving, eco-friendly vehicles and new energy vehicles will enjoy preferential taxation policies.

It is reported that the assessment criteria for energy-saving and eco-friendly vehicles include displacement and fuel consumption. The relevant person in charge of the Ministry of Industry and Information clearly pointed out that the Ministry of Industry and Information Technology is more inclined to lead the consumption of products with small displacement and low energy consumption.

The Ministry of Industry and Information Technology is already making preliminary preparations and is specifically divided into three steps. At present, the first step has been completed, namely to understand the level of domestic passenger car emission and fuel consumption, so as to formulate a threshold for energy conservation and environmental protection. On August 6, the Ministry of Industry and Information Technology officially issued Regulations on the Administration of Fuel Consumption of Light Vehicles. Since January 1, 2010, all passenger cars and light commercial vehicles with a total design mass below 3,500 kg must be sold. Incorporate the fuel consumption management system and standardize the fuel consumption. It is expected that the second phase of work will be completed by the fourth quarter at the latest, and the Ministry of Industry and Information Technology will publish the “Method and Index for the Evaluation of Fuel Consumption of Passenger Vehicles in the Third Phase”. Finally, after deciding how to reduce or extend vehicle purchase tax, and how to combine taxation with incentives for new energy vehicles, the Ministry of Industry and Information Technology will formally introduce and implement new fiscal and tax subsidies as early as the end of this year and at the latest.

It is worth noting that the new taxation policy for automobile purchase taxation is similar to the idea that the Ministry of Industry and Information Technology will impose a heavy tax on the production of high-fuel-consumption vehicle manufacturers. If this "combination boxing" is implemented, it will start from the production and consumption stages respectively, and promote the development of energy-saving and new energy automobile industry.



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