Ministry of Finance Reduces Import Tariffs on Vehicles and Components

2018-05-28 07:44:39 1

On May 22, the State Ministry of Finance announced that, starting from July 1, 2018, the import tariffs on autos and auto parts will be reduced.

Tax rates are 25%, 20% of the vehicle's vehicle tariffs, down to 15%, and the tax reduction rates are 40% and 25% respectively;

Tax rates for auto parts, which are 8%, 10%, 15%, 20%, and 25% respectively, fell to 6%, and the average tax reduction rate was 46%.

According to reports, China's maintenance of the multilateral trade system and the reduction of automobile import tariffs this time is a major measure to further expand reform and opening up.

After the tax reduction, the average tax rate for China's auto vehicles is 13.8%, and the average tax rate for parts and components is 6%, which is in line with China's auto industry.