Global Daily Tax News, China Sets New Parameters For Automobile Tax Breaks, (Jun 7, 2024)

China's State Administration of Taxation has issued a statement highlighting new conditions attached to tax breaks for energy-saving and new energy automobiles and vessels.

The new requirements relate to the tax reliefs announced in 2018, in Document No. 74 of the Ministry of Finance and Taxation (2018).

The State Tax Administration said the update concerns fuel consumption standards for energy-saving passenger cars, light commercial vehicles, and heavy commercial vehicles, as well as the technical standards for new energy vehicles.

The new requirements, released only in Chinese, will apply prospectively from July 1, 2024.