Shenzhen's tax revenue from vehicle sales exceeds RMB6.5b
2014-January-21 Source: Szdaily web edition
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Shenzhen’s revenue from taxes on vehicle purchases exceeded 6.5 billion yuan (US$1.07 billion) last year, representing growth of 28.8 percent from 2012, Shenzhen tax administrators said.

The revenue keeps Shenzhen in third place among Chinese cities in that category for a fourth consecutive year.

The city saw more than 400,000 vehicle sales last year, more than 333,900 of which involved purchases by individuals, the Daily Sunshine reported yesterday.

The number of vehicles bought by individuals last year was 84,200 more than the number in 2012.

The fourth quarter of last year saw rapid growth in vehicle sales, the paper said.

“Many residents were attracted by discounts at the end of last year. Vehicle sales last year went beyond our expectations,” said an unidentified auto dealer in Xiangmihu, Futian District, according to the paper.

Last year also saw an increase in freight vehicle sales. About 19,000 freight vehicles were sold in Shenzhen last year, generating about 211 million yuan in tax revenue.

Shenzhen Mayor Xu Qin said over the weekend that Shenzhen will not restrict car purchases for the time being, although Shenzhen has the second-largest number of vehicles of any city in China and suffers from heavy traffic congestion.

Xu said Shenzhen will mainly resort to economic means to regulate traffic problems, rather than administrative means.

Shenzhen will accelerate Metro construction projects and finish 24 incomplete roads this year, Xu said.

Car purchase restrictions have proven effective in cities including Beijing, Shanghai, Guiyang and Guangzhou.

Tianjin began curbing vehicle purchases in December, leading to a surge in vehicle purchases in Shenzhen. Tianjin’s municipal government imposed caps on the issuance of new license plates, requiring buyers to join a lottery or bid in auctions to win a plate.


Editor: Olivia
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