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Vehicle purchase tax cuts starting from August 1

Recently, a reporter learned from official sources that the State Administration of Taxation has re-evaluated the lowest taxation rate for vehicle purchase tax across more than 40,000 models, covering nearly all vehicles available in the market. Starting August 1st, local authorities will be able to implement the new minimum taxable price. According to a dealer in Chengdu, the current purchase price of a vehicle is calculated by dividing the invoice amount by 11.7. Following the adjustment in vehicle purchase tax, the minimum taxable price for the Toyota Camry has decreased from approximately 31,000 yuan to 29,000 yuan. For the Buick Regal 7252GL model, it dropped from around 22,500 yuan to 21,200 yuan. Smaller, more economical cars saw a smaller reduction, usually around 200 yuan. This change is expected to have a noticeable impact on consumer spending and may influence purchasing decisions across various vehicle segments. The updated tax policy aims to provide more accurate and fair pricing, ensuring transparency for both buyers and dealers. It's also possible that this revision could lead to adjustments in dealership pricing strategies and promotional activities in the coming months.

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