China raises taxes on gas-guzzling cars
BEIJING: China said Wednesday that it would raise consumption tax on large vehicles and cut the tax on small cars in an effort to reduce pollution and save energy. The tax on small cars will fall to 1 percent from 3 percent beginning on Sept. 1. The tax on big cars will rise to 25 percent to 40 percent, compared with the current rate of 15 percent to 20 percent, depending on the vehicle's size, the Ministry of Finance said. (Reuters),