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Huge purchase tax exempted for small-engine cars

Xinhua, October 23, 2015 Adjust font size:

Around 640,400 buyers of energy-efficient cars with small engines in China enjoyed a 50 percent tax cut in the first 20 days of October, saving a total of 2.5 billion yuan (around 393.3 million U.S. dollars), data showed Thursday.

The sales volume of such cars rose 22.5 percent year on year during the Oct. 1-20 period, thanks to the latest tax break, according to the State Administration of Taxation.

From Oct. 1, 2015 to the end of 2016, buyers of small-engine cars will only have to pay 5 percent purchase tax, as announced by the State Council in late September.

China will continue to develop energy-saving and new-energy vehicles in an effort to promote greener growth and upgrading of the automobile industry, Premier Li Keqiang said in a written instruction on a symposium on Thursday. Endi