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, a…