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From June to August this year, about 3.553 million vehicles across the country enjoyed the vehicle purchase tax reduction policy, with a cumulative reduction of 23.04 billion yuan and an average daily reduction of about 250 million yuan, according to the latest data from the State Administration of Taxation.

Specifically, it will enjoy a tax reduction of 1.097 million vehicles in June with a tax reduction of 7.1 billion yuan, and 1.16 million vehicles in July with a tax reduction of 7.58 billion yuan There were 1.296 million vehicles in August with a tax reduction of 8.36 billion yuan. judging from the intuitive data in three months, both the number of vehicles enjoying the policy and the amount of tax reduction showed a monthly growth trend, especially in August, where the number of vehicles enjoying the policy increased by 11.7% from the previous month, and the tax reduction increased by 10.3% from the previous month. In response to this, the relevant person in charge of the State Administration of Taxation said that the number of vehicles enjoying the policy and the amount of tax reduction showed a trend of growth month by month, indicating that the policy is gradually effective and the benefits are steadily expanding.

On May 31, the State Administration of Taxation of the Ministry of Finance issued a notice on the reduction of the purchase tax on some passenger vehicles, which shows that the vehicle purchase tax will be halved for passenger cars with engines of less than 300000 yuan (excluding VAT) during the period from June 1, 2022 to December 31, 2022. In addition, the tax exemption policy for new energy vehicles, which was originally scheduled to expire at the end of this year, has also been postponed until the end of next year.

On August 19th, Premier Li Keqiang presided over an executive meeting of the State Council, which decided to extend the implementation of the purchase tax exemption for new energy vehicles until the end of 2023. This is the third time that the policy has been extended since China implemented the purchase tax exemption for new energy vehicles for the first time in 2014. It is estimated that the car purchase tax will be exempted from 100 billion yuan.

As a pillar industry of the domestic national economy, the automobile manufacturing industry plays an obvious role in pulling the upstream and downstream industrial chain. in view of this, the state and various localities actively introduce stimulus policies for the automobile market, with the help of a series of incentive policies, including tax reduction policies. the domestic automobile market continues to pick up. According to the car purchase tax declaration data, since the implementation of the tax reduction policy in June, the average monthly increase in sales of passenger cars with engines of 1.6 liters or less has been as high as 17%. The average monthly growth rate of passenger cars with engines of 1.6-2.0 liters has increased by about 10%. As for new energy vehicles, the extension of the car purchase tax exemption policy for new energy vehicles has also made many consumers say bluntly that they are "relaxed". According to the country's 10% car purchase tax rate, a car with a price of 300000 can be reduced by 29500 yuan. According to the business person in charge of the tax Service Office of the tax Bureau of Xiaogan High-tech Zone of the State Administration of Taxation, there are only 588 tax breaks or exemptions for new energy vehicles from January to August in 2021, compared with 1857 from January to August this year.

According to the China Association of Automobile Manufacturers, from January to August this year, domestic car production and sales figures were 16.967 million and 16.86 million respectively, an increase of 4.8 per cent and 1.7 per cent respectively over the same period last year, the first double increase in production and sales since the second quarter. Among them, automobile production and sales in August were 2.395 million and 2.383 million respectively, down 2.4% and 1.5% respectively from the previous month, and up 38.3% and 32.1% respectively over the same period last year.

In terms of segment, from January to August this year, passenger car sales increased by 11.7% to 14.655 million units compared with the same period last year, of which August passenger car sales increased by 36.5% to 2.125 million vehicles. The preferential policy of purchase tax implemented by the state continues to show its effect. From January to August, commercial vehicle sales fell 36.2 per cent year-on-year to 2.206 million, of which commercial vehicle sales rose 4 per cent to 258000 in August, the first year-on-year increase so far this year.

The growth of new energy vehicles is also obvious. From January to August, the domestic production and sales of new energy vehicles were 3.97 million and 3.86 million respectively, up 1.2 and 1.1 times respectively over the same period last year, of which August sales doubled to 666000. Chen Shihua, deputy secretary general of the China Automobile Association, said that in August, the production and sales of new energy vehicles continued to grow at a high speed compared with the same period last year, with monthly production and sales reaching another record high, with a market share of 28%. Cui Dongshu, secretary general of the Federation of crew members, pointed out that China is the largest market for automobiles, and the annual production and sales of new energy vehicles have accounted for about 60% of the global production of new energy vehicles for many years in a row. According to statistics, from January to August this year, car exports increased by 52.8% to 1.817 million units compared with the same period last year, of which the export of new energy vehicles increased by 97.4% to 340000.

Under the effect of a number of preferential policies, the China Association of Automobile Manufacturers pointed out that it is expected that passenger vehicles will continue to show relatively rapid growth in the next few months, and new energy vehicles and automobile exports will continue to maintain a good momentum of development. to provide a strong guarantee for the steady growth of the automobile market for the whole year. In new energy vehicles, Cui Dongshu had previously predicted that total sales of new energy vehicles this year were expected to reach 6.5 million, an increase of more than 100% over the same period last year, while the China Automobile Association said it maintained its forecast of 5.5 million new energy vehicle sales for the whole year.

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