Corporate income tax rate cut to 15% during 2013-2015
HONG KONG, March 17, 2014 /PRNewswire/ -- China Zhongwang Holdings Limited ("China Zhongwang" or "the Company", together with its subsidiaries "the Group", stock code: 01333), the second largest industrial aluminium extrusion product developer and manufacturer in the world and the biggest one in Asia and China, announced that Liaoning Zhongwang Group Co., Ltd. ("Liaoning Zhongwang"), an indirect wholly owned subsidiary of the Company, has been recognised as a high and new technology enterprise. It received a notice from the Office of State Administration of Taxation of Liaoyang New & Hi-tech Industrial Development Zone on 17 March, confirming that Liaoning Zhongwang is entitled to a preferential corporate income tax rate of 15%, as opposed to the standard tax rate of 25%, for the three-year period from 2013 to 2015.
Mr. Lu Changqing, Executive Director and Vice President of China Zhongwang, said, "The recognition of the high and new technology enterprise status and the entitlement to preferential treatment on corporate income tax are an acknowledgment of our R&D capabilities. Such recognition will have a positive impact on the operating results. Looking forward, the Group will continue to enhance its R&D capabilities. With our strong research team and leading position in the industry, we are confident that the Group will futher develop high-end aluminium products and maintain business growth to create returns to our shareholders."
