www.chinabuses.org: News from China Association of Automobile Manufacturers (CAAM for short as below) reported that tax rebate for automobile industry makes it surged in the first 11 months of this year. The stimulus tax package booms China's auto production and sale. According to the State Administration of Taxation statistics show that the value added tax (VAT) paid by the transportation equipment manufacturing industry grew 28.8 percent year-on-year and the business income tax revenue was 30.7 billion yuan, up 29.6 percent. At the same time, automobile acquisition tax revenue increased 6.3 percent to 91.2 billion yuan.

CAAM predicts that stimulus tax package contributes at least 10 percent growth for the auto market.

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