Chinese authorities announced Friday that starting from January 1, 2027, the country will cancel the policies of halving the vehicle and vessel tax for energy-saving vehicles and exempting certain new energy vehicles (NEVs), including pure electric commercial vehicles, plug-in hybrid electric vehicles, and fuel cell commercial vehicles from the tax.
With the adjustment, taxpayers who have acquired or will acquire the above-mentioned vehicles will be required to pay the annual tax starting next year, according to the Ministry of Finance.
However, pure electric passenger vehicles and fuel cell passenger vehicles remain unaffected by this policy adjustment and will continue to be exempt from the tax, as the two categories do not fall within the taxable scope stipulated by the vehicle and vessel tax law.
The vehicle and vessel tax is a property tax levied annually on the owners or managers of vehicles and vessels. Provincial-level regions can set region-specific applicable tax amounts within a certain range of tax rates.
Since 2012, China has implemented preferential vehicle and vessel tax policies to support the growth of the NEV industry and promote energy conservation and emission reduction. In recent years, the sector has witnessed rapid growth, along with rising challenges brought about by the preferential treatment to tax equity and the regulatory role of tax.
Analysts believe that this policy adjustment will help promote tax equity and guide the sound development of the NEV industry.
China to cancel vehicle and vessel tax preferential policy for energy-saving vehicles, NEVs
The Chinese People's Liberation Army (PLA) Navy ships Nanning and Hengyang welcomed crowds of student visitors on Friday during their first open day after the fleet arrived in the Hong Kong Special Administrative Region (HKSAR) on Thursday.
The fleet consists of the guided-missile destroyer Nanning and the guided-missile frigate Hengyang, along with shipborne helicopters and marines.
It sailed into HKSAR waters on Thursday morning for a five-day visit featuring open-house events and cultural exchange activities.
The visit is part of the HKSAR's celebration of the 29th anniversary of the region's return to the motherland.
The students boarded the naval ships to get an up-close look at weaponry and equipment.
They also listened as officers and sailors shared stories about their experiences during navigation duties and escort missions.
Officers and sailors also held a range of interactive activities for the visitors.
"We set up five interactive zones at the port, featuring displays unique to the Navy such as knot tying, firefighting suits and flag signaling, as well as weapons displays and other activities that allow visitors to take part in hands-on experiences," said Pang Dingshu, a sailor serving with a unit of the Navy under the PLA Southern Theater Command.
"The garrison troops prepared the open day activities by adhering to the highest standards and strictest requirements. Every activity underwent thorough inspections, and every detail was double-checked, so that all Hong Kong and Macao residents boarding the ships could receive a warm and thoughtful welcome," said Wang Renfei, a soldier serving with the PLA Hong Kong Garrison.
PLA Navy fleet welcomes crowds of student visitors on open day in Hong Kong
