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China extends full NEV purchase tax exemption
Shanghai (Gasgoo)- In order to support the development of the new energy vehicle (NEV) industry and promote automobile consumption, China’s Ministry of Finance, State Taxation Administration, and Ministry of Industry and Information Technology ("MIIT") recently jointly issued an announcement regarding the continuation and optimization of the policy on purchase tax exemptions for NEVs.
According to the announcement, NEVs purchased during the period from Jan. 1, 2024, to Dec. 31, 2025 will be exempted from vehicle purchase tax. The tax exemption amount for each new energy passenger vehicle (NEPV) will not exceed 30,000 yuan. From January 1, 2026, to December 31, 2027, new energy vehicles purchased will be subject to a halved vehicle purchase tax, with a tax reduction amount for each NEPV not exceeding 15,000 yuan.
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