China hikes tax on supercars amid luxury crackdown
Beijing
CHINA will impose an extra 10 per cent tax on supercars and other luxury models costing 1.3 million yuan (S$269,300) and above, in a bid to rein in lavish spending and to reduce emissions, the ministry of finance says.
The new tax rate will potentially affect pricing for top-of-the-range models from carmakers like BMW, Daimler AG's Mercedes-Benz and Audi AG, as well as super high-end brands like Ferrari, Aston Martin and Rolls-Royce.
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