China to adjust taxes on big engined cars

China to adjust taxes on big engined carsChina is planning to draft a law that might raise taxes on large engine vehicles and reduce taxes on energy saving cars. The drafted law will raise the taxes on vehicles having 1.6 liter or 2.5 liter engines to 660 yuan.

Taxes on vehicles with engines smaller that 1.6 engines or cars with a seating capacity of nine passengers or lesser, might be reduced or kept unchanged.  Taxes between the 1.6 liter and 2.5 liter engine will differ those cars having 1.6 liters will see a moderate increase in taxes while 2.5 liter cars will get a large increase. Motorcycles low speed trucks and three wheeled vehicles might received reduced or unchanged taxes. Owners of energy intensive and highly polluting cars will be levied higher taxes.

China so far have 199 million vehicles on its roads and around 85 million automobiles, replacing United States as the largest automobile market in 2009.

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