BIZCHINA> New Consumption Tax
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BIZCHINA> New Consumption Tax
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China revises consumption tax
(newsphoto/AP)
Updated: 2006-03-22 10:15
Cars and motorcycles line up to buy gas in Dongguan, south China's Guangdong province, in this August 15, 2005 file photo. Chinese changes to consumption taxes will raise levies on the most polluting cars and impose new ones on other things, including some oil products, as the country seeks to protect the environment and cut energy consumption, Xinhua said March 21, 2006. In the change expected to have the widest impact, the finance ministry said sales taxes on passenger cars with an engine displacement of more than 2 liters will rise April 1 from 8 percent of the car's value to from 9 percent to 20 percent, depending on engine size. The tax on cars with engines smaller than 1.5 liters will be cut from 5 percent to 3 percent, the ministry added, and the rate for cars between 1.5 and 2 liters, which covers most big-city taxis, will remain at 5 percent. [newsphoto] (For more biz stories, please visit Industries)
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