Is there a purchase tax for the BMW 5 Series Hybrid in 2020?
1 Answers
As of May 31, 2020, BMW/MINI owners who purchase or exchange for a new BMW X5 plug-in hybrid will have the opportunity to enjoy exclusive additional financial benefits or insurance subsidies. Brand exchange purchases may also qualify for additional insurance subsidies. Introduction to Vehicle Purchase Tax: Vehicle Purchase Tax (Vehicle-purchase-tax) is a tax levied on entities and individuals purchasing specified vehicles within China. It evolved from the vehicle purchase surcharge and was implemented on January 1, 2001, under the "Vehicle Purchase Tax Law of the People's Republic of China." Purpose of Vehicle Purchase Tax: The Vehicle Purchase Tax is imposed on users of taxable vehicles at the consumption stage, better reflecting the principle of fairness. The principle of fairness aims to protect legal income, eliminate illegal income, regulate unreasonable income, and adjust excessive income. Therefore, the implementation of the Vehicle Purchase Tax can regulate excessive consumption expenditures. It also embodies the principle of tax-paying capacity, meaning higher-income individuals bear more tax, while lower-income individuals bear less. Those with higher consumption capacity contribute more tax than those with average consumption capacity.
