China XLX: its wholly owned subsidiary Henan Xinlianxin Fertiliser Co has been awarded the New/ High Tech Enterprise Award by the PRC govt, and will receive a tax concession allowing for tax rate reduction from 25% to 15% for the next 3 yrs.
Previously, Henan XLX enjoyed preferential tax rates from FY07-11 due to its status as a wholly owned foreign enterprise (WOFE), allowing for full exemption from income tax for the first two profitable yrs and a 50% reduction in income taxes for the following 3 yrs.
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