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China to Levy Oil-burning Tax Soon: Finance Minister
China will levy tax on vehicles' petroleum-burning in the latter half of this year, Finance Minister Xiang Huaicheng announced in Beijing Wednesday, as is Chinadaily reported.
The preparations to levy oil-burning tax and vehicle-buying tax are now in the pipeline and the government will officially implement the taxes before the year end, said Xiang.
He said the new tax policies will help boost markets for private-used cars and heavy-duty trucks, curb air pollution and save petroleum.
The oil-burning tax encourages use of fuel-saving vehicles, thus pushing forward China's motor industry, Xiang added.
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