SHANGHAI, Sept. 15 (SMM) – Consumption tax on lead-acid batteries will deadly hit Chinese lead-acid battery industry, Wang Lijun said, Secretary-General of the Lead-Acid Battery Branch of China Electrical Equipment Industrial Association.
China’s 4% consumption tax on lead-acid batteries will be introduced on January 1 next year.
Overall profits in domestic lead-acid battery industry are not more than 3% with most battery makers suffering losses after 10 straight years’ development. According to entry criteria in battery industry, battery makers have to inject huge amount of money into transformation of environmental protection facilities, clean production, new product development and upgrade of new craft, posing great pressures on battery makers, Wang added.
As such, once the 4% consumption tax comes into effect, lead-acid battery industry is likely to be deadly struck.
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