China Increases Subsidies On Energy-Efficient Vehicles

In an attempt to spur demand for energy-efficient and environmentally friendly vehicles, China is increasing tax exemptions on purchases of “new-energy” vehicles and vessels. The government hopes that making a push for new-energy technology, (electric, plug-in and fuel-cell technology) will help alleviate rampant pollution.

China introduced 10 percent tax exemptions on new-energy vehicles last year, but announced on Tuesday further tax cuts on domestic purchasing by 50 percent. The tax exemptions are the result of a joint effort by the Ministry of Finance, State Administration of Taxation and the Ministry of Industry and Information Technology, which also announced that all new-energy vehicles being used for commercial use would be completely exempted from normal vehicle and vessel taxes.

You can read more on this at the International Business Times: