足球竞彩推荐China extends purchase tax exemption for NEVs to endQQ2023

Photo/Zhang Jian (NBD)

Before the extension, the preferential tax policy for NEVs had already been extended twice and was due to conclude at the end of this year. The latest extension is expected to waive 100 billion yuan (about 14.23 billion U.S. dollars) of taxes.

Chinas NEVs sector has been growing st this year. From January to August, the production of NEVs totaled 3.97 million units, while the sales reached 3.86 million units, an increase of 1.2 times and 1.1 times, year on year, respectively.

The move seeks to support the NEVs sectors development and stimulate automobile consumption, the statement said.

The policy applies to purchases made in 2023 of specific NEVs outlined by an official list, according to a statement released by the Ministry of Finance, the State Taxation Administration, and the Ministry of Industry and Information Technology.