The regulation maintained that reduction or exemption of vehicle and vessel tax can be granted to those vehicles and vessels that conserve energy or use new energy. Tax of traditional vehicles between 1.6 liter and 3.0 liter is lowered and that of the vehicles of 3.0 liter and above remains at a high level compared to the first draft.
“The regulation reflects that the government is hoping to guide consumers to buying small engine and low energy consumption vehicles,” said Bai Jingming, deputy director of the Institute of Fiscal Science, a think tank under the Ministry of Finance.
The Vehicle and Vessel Tax Law of the People's Republic of China was adopted at the 19th session of the Standing Committee of the 11th National People's Congress on February 25, 2011, which is hereby promulgated and shall come into force on January 1, 2012. By the time the Provisional Regulations on Vehicle and Vessel Tax, which was implemented as of January 1, 2007, will go invalid.
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