Auto taxes axed
2/8/2004 11:52
Jane Chen / Shanghai Daily news
In its newly
adjusted policy, China has chopped down the purchase taxes for more than 40,000
auto models, involving nearly all the models available on the market, today's
International Financial News reported.
According to the new rates, which take
effect from this month, the tax for a Toyota Camry sedan is slashed to 29,000
yuan (US$3,507) from the previous 31,000 yuan, and that for a Buick Regal 7252G
car, is cut to 21,200 yuan from 225,000 yuan.
Collection of auto purchase tax
has grown sharply since its launch in 2001. It hit 47.5 billion yuan in 2003,
compared with 3.64 billion yuan in 2002 and 2.55 billion yuan in
2001.
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