China's Ministry of Finance (MOF) and the State Administration of Taxation (SAT) jointly released the Notification on Cutting Purchase Tax on Passenger Vehicles with Displacement of No More Than 1.6 Liters on Wednesday.
The new rule will be effective from Oct. 1, 2015 to Dec. 31, 2016. During the period, the government will cut the rate of purchase tax on applicable cars to five percent. According to the notification, the applicable cars shall be passenger cars with no more than nine seats. They include homemade sedans, homemade special passenger cars, other homemade passenger cars and imported passenger cars.
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