Expand / Collapse search
Watch TV
Menu

This material may not be published, broadcast, rewritten, or redistributed. ©2024 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.

Asia

China hikes tax on imported luxury cars

Associated Press
Published | Updated

BEIJING – China's Finance Ministry has imposed an additional 10 percent import tax on luxury cars in the communist government's latest move to curb ostentatious spending.

The ministry said the latest 10 percent tax is aimed at encouraging "rational consumption" and energy efficiency. It applies to "super-luxury vehicles" priced above 1.3 million yuan ($190,000).

The government of President Xi Jinping has imposed a string of measures since 2013 to discourage official corruption and what Beijing deems excessive spending. They have chilled sales of brandy, watches and other luxury goods.