July 31, 2018 / 8:55 AM / 14 days ago

China to scrap vehicle and vessel taxes on new energy vehicles: finance ministry

BEIJING (Reuters) - China’s finance ministry said on Tuesday it will scrap vehicle and vessel taxes on new energy vehicles and ships powered by natural gas, as part of its efforts to encourage cleaner energy consumption.

The ministry will also cut the tax on some small engine vehicles by half, according to a statement on its website.

The vehicle and vessel tax is paid by the owner of cars and ships, the ministry added.

The tax cut takes effect on the date of publication on the ministry’s website.

Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger

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