It has been announced that proposals for the introduction of a tax cut for small-engined vehicles in Taiwan have gained the approval of the legislature's financial committee.
The measure, which was proposed by the Ministry of Finance in December 2008, will entitle individuals to a NTD30,000 (USD895) tax concession when purchasing a vehicle with an engine capacity of 2 litres or less.
Currently, tax rates for 2 litre cars stand at 25%, with those of a higher capacity taxed at 30%.
The plan has been drafted to try and assist the country's ailing auto industry amidst the current economic decline, whilst also encouraging individuals to opt for more eco-friendly transport choices.
Motorcycles, small pick up trucks and vans will also be covered by the scheme.
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