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Tax take from automobile industry surges in China

(Xinhua)
Updated: 2009-11-21 13:54

Tax take from the automobile industry has surged in the first 10 months this year as auto production and sales were booming in the world's largest market.

The State Administration of Taxation said Friday value added tax (VAT) paid by the transportation equipment manufacturing industry grew 28.8 percent to 88.6 billion yuan ($13 billion) during the period, and business income tax revenue was 30.7 billion yuan, up 29.6 percent.

Related readings:  China auto sales top 10m  China to be largest auto market in the world  Carmakers keen on auto finance arms  Auto industry drives past major milestone

Meanwhile, automobile acquisition tax revenue increased 6.3 percent to 91.2 billion yuan, although taxation on the purchase of vehicles with engine displacements below 1.6 liters was reduced by half.

The State Council, China's Cabinet, decided on the cut at the beginning of this year to stimulate domestic consumption.

The China Association of Automobile Manufacturers estimated the tax cut had contributed at least a 10 percent growth for the auto market.

Auto production and sales broke the 10 million mark in the first 10 months this year.

Official figures showed that China's auto sales reached 1.22 million units in October, up 72 percent year-on-year.