Ministry of Finance New energy vehicle purchase tax exemption extended for 4 years, latest until 2027

Ministry of Finance extends new energy vehicle purchase tax exemption for 4 years, until 2027

【Phoneauto News】Recently, at a press conference held by the Ministry of Finance, officials from the Ministry of Finance introduced the specific content of the extension and optimization of the new energy vehicle purchase tax exemption policy, clarifying that the policy will be extended until the end of 2027.

According to the introduction, the new energy vehicle purchase tax exemption policy will be extended for 4 years, until December 31, 2027. Among them, new energy vehicles purchased between January 1, 2024, and December 31, 2025, will be exempted from vehicle purchase tax, with a tax exemption limit of no more than 30,000 yuan per vehicle; new energy vehicles purchased between January 1, 2026, and December 31, 2027, will be subject to a 50% reduction in vehicle purchase tax, with a tax reduction limit of no more than 15,000 yuan per vehicle. Previously, the Ministry of Finance, the State Taxation Administration, and the Ministry of Industry and Information Technology released an announcement on the extension and optimization of the new energy vehicle purchase tax exemption policy, which has clarified the above content.

Regarding the new policy of vehicle purchase tax exemption for new energy vehicles, Cui Dongshu, Secretary-General of the China Passenger Car Association, believes that the “two exemptions and two reductions” policy for new energy vehicle purchase tax has a certain degree of policy stability and long-term benefits for new energy vehicles. It should be able to reach an annual tax exemption scale close to 200 billion yuan. At the same time, this policy will not have a significant impact on the auto market this year, and the development of the new energy vehicle market will be relatively stable. The expected growth rate of the auto market next year will be more optimistic, and the competition in the plug-in hybrid market is expected to become more intense.

Wei Yan, Deputy Director of the Tax Policy Department of the Ministry of Finance, also pointed out that the next step will be to closely cooperate with relevant departments to ensure a smooth policy transition. Closely monitor the implementation of the policy, strengthen inter-departmental cooperation and data sharing mechanisms, ensure the implementation and effectiveness of the vehicle purchase tax exemption policy, and better serve the high-quality development of the new energy vehicle industry.

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