Another Main Subsidiary of Freetech Renews Its Qualification as High and New Technology Enterprise and Enjoys Preferential Enterprise Income Tax Rate of 15%
HONG KONG--Freetech Road Recycling Technology (Holdings) Limited (“Freetech”, or the “Group;” stock code: 6888), a leading and fast-growing service provider in the asphalt pavement maintenance (“APM”) industry using “Hot-in-Place” recycling technology, today announced that, after its main subsidiary Freetech Road Recycling Corporation gained the recognition of High-Tech company, another main subsidiary Nanjing Freetech Road Maintenance Vehicle Manufacturing Corporation (“Freetech Maintenance Vehicle”) also received the certification of “High-Tech company” recently, jointly recognised by Jiangsu Provincial Department of Science & Technology, Jiangsu Provincial Department of Finance, Jiangsu Provincial Office of State Administration of Taxation and Jiangsu Local Taxation Bureau. Besides, Freetech Maintenance Vehicle will continue to enjoy a preferential tax rate of 15% for 3 years (2015, 2016 and 2017).
The recognition of High-Tech company was granted after the previous certificate expired. Freetech Maintenance Vehicle gained the recognition of High-Tech company in 2009 and 2012 respectively.
The four main criteria of a High-Tech company are the company’s core independent intellectual property, the capability of technological innovation & transformation, the capability of research management & organization and the company’s growth index. This re-granted certification of High-Tech company demonstrates that the above capabilities of the Group’s companies are recognized by the Chinese Government, which may help the Group enhance the innovation capability and overall competitiveness, and bring some positive impact on the future performance.