Lower tax on new vehicle purchases
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Auto buyers who enjoy the subsidy for replacing their old vehicles are also eligible for a reduced tax rate for the purchase of a small car this year, the Ministry of Commerce said yesterday.
The move is designed to spur auto consumption and maintain healthy economic growth. The Chinese government has retained incentives in the auto industry this year. A subsidy has been raised to as much as 18,000 yuan when someone trades in an old vehicle to purchase a new one.
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