Early Reading | New Energy Vehicle Purchase Tax Reduction Policy Extended to the End of 2027 | Purchase Tax Reduction Policy

Release time:Apr 13, 2024 22:37 PM

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The policy of reducing and exempting the purchase tax on new energy vehicles has been extended until the end of 2027

The executive meeting of the State Council held a few days ago in ※ proposed to continue and optimize the tax reduction and exemption policy for the purchase of new energy vehicles. Vice Minister of Finance Xu Hongcai introduced at the State Council's regular policy briefing on the 21st that the new energy vehicle purchase tax reduction and exemption policy will be extended to the end of 2027, and the reduction and exemption will gradually decline annually. According to preliminary estimates, the total amount of vehicle purchase tax reduction and exemption from 2024 to 2027 will reach 520 billion yuan.

In recent years, a series of financial and tax policies have been introduced to support the development of the new energy vehicle industry. According to Xu Hongcai, with the approval of the State Council, the purchase of new energy vehicles will be exempt from vehicle purchase tax starting from September 1, 2014. This policy was extended three times in 2017, 2020, and 2022. As of the end of 2022, the cumulative tax exemption scale of the above policies has exceeded 200 billion yuan, and it is expected that the tax exemption scale will exceed 115 billion yuan by 2023. In addition, the country also exempts new energy vehicles from vehicle and vessel taxes, and pure electric vehicles from consumption taxes. Relevant financial and tax policies strongly support the high-quality development of the new energy vehicle industry.

In order to further consolidate and expand the development advantages of the new energy vehicle industry, in accordance with the requirements of the State Council executive meeting, the Ministry of Finance, the State Administration of Taxation, and the Ministry of Industry and Information Technology recently jointly issued a notice stating that new energy vehicles purchased between January 1, 2024 and December 31, 2025 are exempt from vehicle purchase tax, with a tax exemption of no more than 30000 yuan per new energy passenger vehicle; The vehicle purchase tax will be halved for new energy vehicles purchased between January 1, 2026 and December 31, 2027. The tax reduction for each new energy passenger vehicle shall not exceed 15000 yuan.

"Simply put, in 2024 and 2025, the purchase tax on new energy vehicles will continue to be exempted; in 2026 and 2027, it will be halved. Since 2014, China has continued to implement this policy three times, and this time it has been extended for another four years, maintaining the continuity and stability of the policy. This helps to stabilize market expectations, optimize the market environment, further tap into consumption potential, and consolidate and expand the development advantages of the new energy vehicle industry," said Xu Wen, a researcher at the China Academy of Financial Sciences.

It is reported that the Ministry of Industry and Information Technology will also optimize the technical requirements for enjoying vehicle purchase tax reduction policies based on the progress of new energy vehicle technology, development of standard systems, and changes in vehicle models, and guide enterprises to accelerate technological research and development and upgrading. "By dynamically increasing the technical threshold for enjoying vehicle purchase tax reduction and exemption policies, and correspondingly improving directory management measures, we can better leverage the incentive effect of taxation and support the high-quality development of new energy vehicles," said Xu Hongcai.


Early Reading | New Energy Vehicle Purchase Tax Reduction Policy Extended to the End of 2027 | Purchase Tax Reduction Policy

§domestic

General Secretary Xi Jinping's important exposition seminar on religious work was held in Beijing on the 21st. Wang Huning, member of the standing Committee of the political Bureau of the CPC Central Committee and chairman of the CPPCC National Committee, attended and delivered a speech. He said: it is necessary to thoroughly study and implement Xi Jinping's thinking on socialism with Chinese characteristics in the new era and the spirit of the 20th CPC National Congress, deeply understand General Secretary Xi Jinping's important exposition on religious work, and profoundly understand the decisive significance of the "two establishments." strengthen the "four consciousness", strengthen the "four self-confidence", achieve the "two maintenance", adhere to the party's centralized and unified leadership over religious work, and adhere to the party's basic policy, do a good job in the religious work of the party in the new era with a high sense of responsibility and mission.

The reporter learned from the regular policy briefing of the State Council on promoting the high-quality development of the new energy vehicle industry on the 21st that the Ministry of Industry and Information Technology has made it clear that it will release a new version of the standard system guide for intelligent networked vehicles in the coming period. we will promote the revision of standards such as functional safety, network security and operating systems, and will launch pilot projects for access and access to intelligent networked vehicles on the road.

●The National General Office of Flood Control and the Ministry of Emergency Management held a special video conference on flood control on the 21st, and discussed with the China Meteorological Administration, the Ministry of Water Resources, and the Ministry of Natural Resources to study and judge the development trend of the Dragon Boat Festival and the rainy season, and study and deploy flood prevention and disaster relief work in key areas.

●The reporter learned from the China Securities Regulatory Commission on the 21st that the China Securities Regulatory Commission issued the "Guiding Opinions on Deepening the Reform of the Bond Registration System" and the "Guiding Opinions on Improving the Practice Quality of Intermediary Agency Bond Business under the Registration System" on the same day to deepen the reform of the bond registration system. Improve the function of the capital market, help increase the proportion of direct financing, and promote the bond market to better serve the high-quality development of the real economy.

●The reporter learned from the Ministry of Human Resources and Social Security on the 21st that the General Office of the Ministry of Human Resources and Social Security recently issued the ''Notice on Launching Special Actions for the Construction of Quick Adjudication Tribunals for Migrant Workers' Wage Disputes, ''requiring all localities to allocate resources to form quick adjudication tribunals, and establish and improve The working mechanism of quick establishment, quick adjustment, quick adjudication, and quick adjustment, so as to ensure that migrant workers' wage disputes are accepted first.

●The reporter learned from CNOOC Tianjin Branch on the 21st that my country's largest offshore oilfield, Bohai Oilfield, has produced more than 0.5 billion tons of crude oil, making important contributions to ensuring national energy security and promoting economic and social development.

●The reporter learned from the Henan Provincial Institute of Cultural Relics and Archaeology on the 21st that archaeologists found a large number of round plant parcels in the No. 8 tomb of the Yangcheng site in Xinyang City, Henan. The study found that the outside of the package is mistletoe and the inside is rice, millet and other grains. These mistletoe grain packages are the oldest zongzi discovered in China so far.


Early Reading | New Energy Vehicle Purchase Tax Reduction Policy Extended to the End of 2027 | Purchase Tax Reduction Policy

The reporter learned from the Public Security Bureau of Yichang City, Hubei Province on the 21st that the Public Security Bureau of Yichang City recently cracked a cross-provincial case of infringing upon citizens' personal information, knocked down three criminal dens, arrested four suspects, and seized more than 150 mobile phones and 4 computers involved in the case. the amount involved is more than 2 million yuan, involving more than 100000 pieces of personal information of citizens.

The reporter recently learned from the Ministry of Civil Affairs that from mid-June to mid-December 2023, the Ministry of Civil Affairs, together with relevant departments, will carry out a six-month special campaign to crack down on illegal social organizations to prevent and resolve major risks in the field of social organizations.

The Guangdong Provincial higher people's Court announced on the 21st that on June 20, the Shenzhen bankruptcy Court of the Shenzhen Intermediate people's Court ruled that the execution of the first personal bankruptcy case in China had been completed and exempted the debtor Liang from paying off his outstanding debts in accordance with the law.

§International

● China National Petroleum Corporation and Qatar Energy Company signed a cooperation document on the northern gas field expansion project in Doha, the capital of Qatar, on the 20th.

●From June 20 to 21, local time, Premier Li Qiang of the State Council visited Bavaria during his visit to Germany.

●On the afternoon of June 21, local time, at the invitation of the French government, Premier Li Qiang of the State Council arrived at Paris Orly Airport by chartered plane for an official visit to France and attended the New Global Financing Compact Summit. wu zhenglong, state councilor and secretary general of the state council, and other members of the entourage arrived on the same plane.

●On June 20, local time, the 11th Sino-German Economic and Technical Cooperation Forum was held in Berlin, Germany. The forum was jointly organized by the National Development and Reform Commission and the German Ministry of Economy and Climate Protection. Zheng Zhajie, director of the National Development and Reform Commission, attended the closing ceremony and delivered a speech. Cong Liang, deputy director of the National Development and Reform Commission, delivered a speech at the opening ceremony.


Early Reading | New Energy Vehicle Purchase Tax Reduction Policy Extended to the End of 2027 | Purchase Tax Reduction Policy

●According to French media reports, French Foreign Minister Colonna said in Pretoria, the administrative capital of South Africa, on the 20th that French President Macron hopes to participate in the 15th BRICS Leaders' Meeting in South Africa in August this year.

●The American deep-sea submersible carrying 5 people disappeared while diving to investigate the wreckage of the "Titanic" cruise ship. Search and rescue personnel detected "underwater noise" on the 20th, but failed to find the deep submersible. According to media disclosure, the safety of this deep submersible has been questioned.

● Palestinian-Israeli tensions have intensified again. The Israeli army's military operation on the 19th caused 6 deaths and more than 90 injuries on the Palestinian side; two Palestinian militants shot and killed 4 Israelis and wounded 4 people near a Jewish settlement on the 20th. The two were later killed.

●Russian President Vladimir Putin said when receiving graduates of the Russian military academy in the Kremlin on the 21st that the first batch of "Salmat" missile systems equipped with heavy intercontinental ballistic missiles will soon enter combat duty.

The Icelandic government announced on the 20th that for the sake of "protecting animal welfare", the country will suspend whaling by the end of August, with immediate effect.

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