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Sales tax boosts car prices in September
Last Updated(Beijing Time):2008-10-10 10:18

China's automobile prices rose in September, buoyed by an increased sales tax that was aimed at controlling high-emission cars to save energy.

Prices of domestically made vehicles edged up 0.74 percent from August, a rise of 0.59 percent from a year earlier after the sales tax increases of up to 20 percent took effect on September 1, according to the price monitoring center of the National Development and Reform Commission yesterday.

Prices of sports cars rose a notable 1.14 percent from a month ago and 1.27 percent year on year, as the consumption tax on vehicles with engine capacities above 3 liters was raised by 10 to 20 percent.

The costs of vehicles with lower emissions remained unchanged from that of August.

Prices of multi-purpose vehicles jumped 1.11 percent from July and 1.92 percent from a year earlier.

Sedan prices have increased for five consecutive months as engine upgrading drove up production costs significantly, according to the price monitoring center.

Imported high-emission cars saw price rises of 6.21 percent from August, and 7.51 percent from the year earlier, mainly due to the sales tax increase.

The Ministry of Finance decided to raise the sales tax on automobiles with engine capacities of 3.0-4.0 liters from 15 percent to 25 percent, and that of vehicles with engine capacities above 4.0 liters were raised from 20 percent to 40 percent.

The tax on automobiles with engine capacities below 1.0 liter was cut from 3 percent to 1 percent.





Source:Xinhuanet 
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