New energy vehicles in China to remain exempt from sales tax up to end 2020

Monday, 01 July 2019 17:13:17 (GMT+3)   |   Shanghai
       

In China, new energy vehicles are to remain exempt from sales tax during the period from July 1, 2019, to December 31, 2020, as announced by China’s Ministry of Finance (MOF) on June 28. At the end of last year, China’s State Administration of Taxation had mentioned plans to impose a 10 percent sales tax on vehicles as of July 1 this year, raising concerns that the sales tax exemption for new energy vehicles would be cancelled. The MOF decision removes such concerns.

China initially implemented a tax exemption policy for new energy vehicles in September 2014, directly stimulating the rapid growth of the market.


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