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Columns Heavyweight! The exemption of purchase tax for new energy vehicles extended until the end of 2023
On August 19, the State Council's executive meeting decided to extend the policy of exempting the purchase tax for new energy vehicles to promote bulk consumption until the end of next year. Exemptions from vehicle and vessel taxes, consumption taxes, road rights, license plates, and other support will continue. A coordination mechanism for the development of the new energy vehicle industry will be established, using market-oriented methods to encourage the survival of the fittest among whole vehicle enterprises and promote the development of supporting industries. The construction of charging piles will be vigorously promoted with policy-based and developmental financial tools providing support.
The meeting also emphasized encouraging local governments to provide moderate subsidies for green smart home appliances. Actively develop digital consumption, thoroughly implement supportive policies for struggling industries such as catering and retail, fully extend the additional deduction of value-added tax in the service industry, ensure that all eligible entities can enjoy it, help market players overcome difficulties, and support consumption.
Analysts pointed out that this clarification of the extension of the new energy vehicle purchase tax policy will further increase the production and sales volume and penetration rate of new energy vehicles. The demand for charging and swapping stations will also grow significantly, leading to a new wave of construction for these facilities.
Since May 2022, the state has introduced multiple favorable policies for the auto industry. On May 31, the State Council proposed a phased reduction of 60 billion yuan in the purchase tax for some passenger cars. On July 7, 17 departments jointly issued 12 measures to promote automobile consumption.
In August, the State Council’s executive meeting planned further measures to expand demand, promote effective investment, and boost consumption. The meeting explicitly stated the continuation of the policy to exempt new energy vehicles from purchase tax.
As the main driver of the domestic auto market, new energy vehicles maintained high-speed growth in production and sales in July, completing 61...
The meeting also emphasized encouraging local governments to provide moderate subsidies for green smart home appliances. Actively develop digital consumption, thoroughly implement supportive policies for struggling industries such as catering and retail, fully extend the additional deduction of value-added tax in the service industry, ensure that all eligible entities can enjoy it, help market players overcome difficulties, and support consumption.
Analysts pointed out that this clarification of the extension of the new energy vehicle purchase tax policy will further increase the production and sales volume and penetration rate of new energy vehicles. The demand for charging and swapping stations will also grow significantly, leading to a new wave of construction for these facilities.
Since May 2022, the state has introduced multiple favorable policies for the auto industry. On May 31, the State Council proposed a phased reduction of 60 billion yuan in the purchase tax for some passenger cars. On July 7, 17 departments jointly issued 12 measures to promote automobile consumption.
In August, the State Council’s executive meeting planned further measures to expand demand, promote effective investment, and boost consumption. The meeting explicitly stated the continuation of the policy to exempt new energy vehicles from purchase tax.
As the main driver of the domestic auto market, new energy vehicles maintained high-speed growth in production and sales in July, completing 61...
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