China on Thursday announced changes to how consumption tax is collected from the sales of ultra-luxury vehicles, according to a statement released by the finance ministry.
Starting July 20, such taxes will be collected for the sale of cars with retail prices of 900,000 yuan ($125,348) or above. Existing rules, from 2016, set the threshold at 1.3 million yuan.
Used ultra-luxury vehicles will be exempt from consumption taxes, the statement said.
($1 = 7.1800 Chinese yuan renminbi)
