Top 10 game-changing auto industry events in 2016

China Daily/ | 2017-01-10 06:30

Tax cut for small engines to prevent hard landing

Top 10 game-changing auto industry events in 2016

An advertisement for the purchase tax discount is displayed at an auto show in Fuzhou in 2015. [Photo/China Daily]

Authorities decided on Dec 15 to give a 25 percent purchase tax discount for those buying cars with engines no larger than 1.6 liters before 2018. Analysts believe the move will save the auto market from a hard landing in the new year. The purchase tax usually stands at 10 percent of a car's sticker price. To boost stagnant car sales, the authorities introduced a measure in late September 2015 to halve the tax for small cars, which expired on Dec 31, 2016.

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