关于调整超豪华小汽车消费税政策的公告 财政部 税务总局公告2025年第3号 为进一步引导合理消费，经国务院批准，现就超豪华小汽车消费税政策有关事项公告如下： 特此公告。 财政部 税务总局 2025年7月17日 【纠错】 【责任编辑:谷玥】 对纯电动、燃料电池等没有气缸容量（排气量）的超豪华小汽车仅在零售环节征收消费税。 二、对纳税人销售二手超豪华小汽车，不征收消费税。本公告所称二手车，是指从办理完注册登记 手续至达到国家强制报废标准之前进行交易并转移所有权的车辆。 三、《财政部 国家税务总局关于对超豪华小汽车加征消费税有关事项的通知》（财税〔2016〕129 号）第三条中的零售环节销售额，是指纳税人向购买方收取的与购车行为相关的全部价款和价外费用， 包括以精品、配饰和服务等名义收取的价款。 四、上述第一条和第二条规定自2025年7月20日起执行。 一、《财政部 国家税务总局关于对超豪华小汽车加征消费税有关事项的通知》（财税〔2016〕129 号）第一条中超豪华小汽车征收范围调整为"每辆零售价格90万元（不含增值税）及以上的各种动力类 型（含纯电动、燃料电池等动力类型）的乘用车和中轻型商用客车"。《财政部 国家 ...

Core Viewpoint - The article discusses recent announcements from the Ministry of Industry and Information Technology and the Ministry of Transport regarding the approval of new energy vehicle models, tax exemptions, and standards for vehicle efficiency testing, indicating a strong push towards promoting energy-efficient and new energy vehicles in China [2][4][10]. Group 1: New Energy Vehicle Announcements - On July 15, the Ministry of Industry and Information Technology released the 396th batch of vehicle production enterprises and products, along with directories for energy-saving and new energy vehicles eligible for tax exemptions [2][4]. - The directory for energy-saving and new energy vehicles includes 342 models, with 25 energy-saving models and 317 new energy models, highlighting a diverse range of vehicle types [6]. - The directory for vehicle purchase tax exemptions lists 476 compliant models, including 388 pure electric vehicles and 75 plug-in hybrid vehicles, showcasing the government's commitment to supporting the new energy vehicle sector [6]. Group 2: Standards and Regulations - The Ministry of Transport announced the 77th batch of compliant road transport vehicle models, which includes 325 models across various categories, emphasizing the importance of compliance with technical standards [10]. - New regulations regarding the consumption tax on super-luxury vehicles have been introduced, adjusting the threshold for taxation to vehicles priced at 900,000 yuan and above, which aims to guide reasonable consumption [12][14]. - The article also discusses the solicitation of opinions on two industry standards related to passenger car transmission efficiency testing and electronic shift mechanisms, indicating ongoing efforts to standardize and improve vehicle technology [17][20].

Core Viewpoint - The adjustment of the consumption tax policy for ultra-luxury vehicles in China is a significant change aimed at promoting reasonable consumption and environmental sustainability, with a limited impact on overall luxury car sales [1][2][5]. Group 1: Policy Changes - The new consumption tax policy for ultra-luxury vehicles, effective from July 20, 2025, lowers the taxable threshold to vehicles priced at 900,000 yuan (excluding VAT) and above [1][2]. - The policy exempts the sale of second-hand ultra-luxury vehicles from consumption tax, marking a major shift since the establishment of the tax system in 2016 [2][5]. - The previous threshold for taxation was set at 1.3 million yuan (including tax), which has now been adjusted to reflect market changes [4][5]. Group 2: Market Impact - In the first half of 2025, approximately 20,000 new vehicles fell within the taxable range, representing a small fraction of the total luxury car sales of 1.45 million units during the same period [1][5]. - The luxury car market is experiencing a decline, with sales of new vehicles priced above 900,000 yuan dropping significantly, particularly in fuel and plug-in hybrid models [3][4]. - The market share of imported luxury vehicles has been decreasing, with a notable drop in imports from a peak of 1.43 million units in 2014 to an estimated 700,000 units in 2024 [3][4]. Group 3: Consumer Behavior - The adjustment in tax policy is expected to have a limited effect on the purchasing behavior of ultra-luxury vehicle consumers, who are characterized by strong purchasing power [6]. - There has been an increase in promotional activities among luxury car brands, with discounts reaching up to 30% on certain models, indicating a competitive market environment [4][5]. - The urgency to complete transactions before the new tax implementation has led to a noticeable increase in sales activity in the days leading up to the policy change [5]. Group 4: Tax Revenue and Regulation - The consumption tax is a significant revenue source for the government, with a reported collection of 772.9 billion yuan in the first five months of the year, reflecting a 1.6% year-on-year growth [5]. - The new policy aims to enhance tax regulation by closing loopholes that allowed for tax evasion through price manipulation and multiple invoicing [6].

Group 1 - The core viewpoint of the news highlights the increase in U.S. retail sales for June, which rose by 0.6%, significantly exceeding the expected 0.1% and recovering from a previous decline of 0.9% [1] - Following the retail sales data release, U.S. Treasury yields increased, with the 2-year Treasury yield rising over 3 basis points to 3.934% [1] - The announcement from the U.S. Treasury regarding the adjustment of the consumption tax policy for super-luxury cars, now applicable to vehicles with a retail price of 900,000 yuan (excluding VAT) and above, indicates a regulatory shift in the automotive sector [1] Group 2 - Eurozone's June core harmonized CPI year-on-year final value remained stable at 2.3%, matching expectations and the initial value [1] - The Eurozone's June harmonized CPI month-on-month final value was reported at 0.3%, consistent with expectations and the initial value [1] Group 3 - As of July 17, 2025, the 5-10 year Treasury ETF index showed a slight increase of 0.01%, with a recent price of 117.58 yuan [3] - The 5-10 year Treasury ETF has seen a cumulative increase of 5.09% over the past year, indicating positive performance in the bond market [3] - The latest scale of the 5-10 year Treasury ETF reached 1.494 billion yuan, with a recent trading volume of 13.98 million yuan [3] Group 4 - The 5-10 year Treasury ETF has a year-to-date maximum drawdown of 2.15%, which is lower than the benchmark drawdown of 0.59% [5] - The management fee for the 5-10 year Treasury ETF is set at 0.15%, while the custody fee is 0.05% [6] - The tracking error for the 5-10 year Treasury ETF over the past month was reported at 0.030%, indicating a close alignment with the underlying index [6]

Market Performance - On July 17, 2025, A-shares showed a strong performance with the Shanghai Composite Index rising by 0.37%, the Shenzhen Component Index increasing by 1.43%, and the ChiNext Index up by 1.76%. The total trading volume in the Shanghai and Shenzhen markets was approximately 15,393.75 billion yuan, an increase of about 973.32 million yuan compared to the previous trading day [1] - Hong Kong stocks had mixed results on the same day, with the Hang Seng Index falling by 0.08% to 24,498.95 points and a total trading volume of 2,364.12 billion HKD. The Hang Seng Tech Index, however, rose by 0.56% to 5,448.85 points [1] - In the U.S., all three major stock indices closed higher, with the S&P 500 reaching a new closing high at 6,297.36 points, up by 0.54%. The Nasdaq Composite Index increased by 0.75% to 20,885.65 points, and the Dow Jones Industrial Average rose by 0.52% to 44,484.49 points [1] Industry Regulations - The Guangzhou Futures Exchange announced new trading limits for polysilicon futures, effective from July 21, 2025. Non-futures company members or clients will have a daily opening position limit of 10,000 lots for polysilicon futures and 5,000 lots for industrial silicon futures (SI2509). These limits do not apply to hedging or market-making transactions [3] - The Ministry of Finance and the State Taxation Administration have adjusted the consumption tax threshold for super luxury cars to 900,000 yuan (excluding VAT). This change affects various types of vehicles, including electric and fuel cell cars, and aligns with previous regulations on consumption tax for imported super luxury cars [4]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced a reduction in the consumption tax threshold for ultra-luxury cars from a retail price of 1.3 million yuan to 900,000 yuan, effective from July 20, 2025 [1][7]. Tax Policy Changes - The new policy distinguishes between different types of ultra-luxury cars based on their powertrain: pure electric and fuel cell vehicles without cylinder capacity will only incur consumption tax at the retail stage, while those with cylinder capacity will be taxed at both production (import) and retail stages [2][3][10]. - The consumption tax rate for pure electric and fuel cell ultra-luxury cars will be lower than that for traditional ultra-luxury cars with cylinder capacity [3]. Taxation Structure - The consumption tax for ultra-luxury cars will continue to be levied based on cylinder capacity, with rates ranging from 1% to 40% for passenger cars and a flat rate of 5% for light commercial vehicles [4][5]. - The revised tax rate table will categorize vehicles into three types: passenger cars, light commercial vehicles, and ultra-luxury cars, with the latter being taxed at a 10% rate at the retail stage [8][9]. Historical Context - Since 2016, the government has aimed to guide reasonable consumption and promote energy conservation by imposing a consumption tax on ultra-luxury cars priced at 1.3 million yuan and above [5][6].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced a reduction in the consumption tax threshold for ultra-luxury cars from a retail price of 1.3 million yuan to 900,000 yuan, effective from July 20, 2025 [1][3]. Group 1: Tax Policy Changes - The new policy classifies ultra-luxury cars based on their power types, with pure electric and fuel cell vehicles being taxed only at the retail stage, while those with cylinder capacity will continue to be taxed at both production (import) and retail stages [1][4]. - The consumption tax rate for ultra-luxury cars with cylinder capacity remains at 10% at the retail stage, while pure electric and fuel cell vehicles will also be taxed at this rate [4]. Group 2: Historical Context - Since 2016, ultra-luxury cars have been subject to additional consumption tax, defined as passenger cars and light commercial vehicles with a retail price of 1.3 million yuan or more [3]. - The current tax structure includes three categories: passenger cars, light commercial vehicles, and ultra-luxury cars, with varying tax rates based on cylinder capacity [3].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced a reduction in the consumption tax threshold for ultra-luxury cars from a retail price of 1.3 million yuan to 900,000 yuan, effective from July 20, 2025, to guide reasonable consumption [1][4]. Group 1: Tax Policy Changes - The new policy distinguishes between different types of ultra-luxury cars based on their power types, with pure electric and fuel cell vehicles having no cylinder capacity only subject to consumption tax at the retail stage [1][2]. - Ultra-luxury cars with cylinder capacity will continue to be taxed at both the production (import) and retail stages, maintaining the existing tax rates [7]. - The consumption tax rate for pure electric and fuel cell ultra-luxury cars will be set at 10% at the retail stage [6]. Group 2: Second-Hand Vehicle Taxation - The announcement specifies that no consumption tax will be levied on the sale of second-hand ultra-luxury cars [3]. Group 3: Historical Context - Since 2016, the consumption tax for ultra-luxury cars has been implemented to promote reasonable consumption and energy conservation, with the previous threshold set at 1.3 million yuan [4].

Core Viewpoint - The article discusses the adjustment of the consumption tax policy for ultra-luxury automobiles, effective from July 20, 2025, which includes changes in the tax scope and exemptions for second-hand vehicles [1][3]. Summary by Sections Tax Scope Adjustment - The consumption tax for ultra-luxury automobiles is now applicable to passenger cars and light commercial vehicles with a retail price of 900,000 yuan (excluding VAT) and above, regardless of the type of powertrain, including pure electric and fuel cell vehicles [1][2]. Taxation on Second-hand Vehicles - There will be no consumption tax levied on the sale of second-hand ultra-luxury automobiles, defined as vehicles that have completed registration and are sold before reaching the national mandatory scrapping standard [2]. Implementation Date - The new regulations regarding the consumption tax will take effect on July 20, 2025 [3].

Core Viewpoint - The Chinese government has expanded the consumption tax on super luxury cars, lowering the price threshold from 1.3 million yuan to 900,000 yuan, and including new energy vehicles in the tax scope to further regulate high consumption [1][2]. Group 1: Tax Policy Changes - The new tax policy will apply to passenger cars and light commercial vehicles with a retail price of 900,000 yuan (excluding VAT) and above, effective from July 20, 2025 [1]. - The previous threshold for super luxury cars was set at 1.3 million yuan, and the new policy now includes various power types, such as pure electric and fuel cell vehicles [1][2]. - The adjustment aims to guide reasonable consumption and increase fiscal revenue [2]. Group 2: Taxation Details - The consumption tax on super luxury cars will be an additional 10% at the retail stage, while pure electric and fuel cell vehicles will only be taxed at the retail stage, maintaining the current exemption from production stage taxation [2]. - The definition of the selling price for super luxury cars now includes all related fees charged to the buyer, making previous tax avoidance strategies more difficult [2]. - There will be no consumption tax on the sale of second-hand super luxury cars, defined as vehicles sold before reaching the mandatory scrapping standard [2].