The chinese government has launched a 10% Supercar tax to teach the rich a lesson. It has already come into affected starting from the 1st of December.
The Tax affects cars with a value of over 1.3 million yuan which is £150,000. The media has dubbed this move ‘Supercar Tax’ as it only affects imported cars so the likes of Lamborghini, Ferrari, Aston Martin could all be hurt by this move.
Since Xi Jinping has become president he has made it his mission to try and stop people flaunting their wealth. Other luxury items have also gone down in sales such as watches, private jets and high end clothing dueo to Xi Jinpings personally mission.
The government has stated that buying a supercar is not a very good idea at the moment and that alone has stopped people going to the dealers. Due to the low threshold of this so called supercar tax, it also affects the higher end luxury car market too with cars such as Audi A8, the BMW X6 and 7, the Mercedes-Benz S-Class and G-Class, the Porsche Cayenne, and the Jaguar XJ all being hit by this so called ‘Supercar Tax’.
You now must really have a lot of money and really want that italian supercar to pay 10% more than you normally would due to the government wanting an extra 10% for you to have the privilege of being able to afford a supercar.