China Wood Optimization Accredited as a High and New Technology Enterprise

Feb 06, 2018 20:13 JST

Source: China Wood Optimization (Holding) Limited

Tax Preferential Treatment to have Positive Impact on Operational Results

HONG KONG, Feb 06, 2018 - (ACN Newswire) - China Wood Optimization (Holding) Limited ("China Wood Optimization" or the "Group," HKEX stock code: 1885), an advanced new technology group engaged in the processing, manufacturing and sales of Processed Wood Products and a self-developed Wood Processing Procedure Service, is pleased to announce that Jiangsu AMS Wood Industry Company Limited ("Jiangsu AMS"), a subsidiary of the Company has been awarded the High and New Technology Enterprise Certificate (the "Certificate"). With reference to requirements related to the Certificate and in accordance with relevant regulations of the Enterprise Income Tax Law of the People's Republic of China, enterprises certified are entitled to a preferential enterprise income tax rate of 15%.

The Certificate was jointly issued by the Jiangsu Provincial Department of Science and Technology, Jiangsu Provincial Department of Finance, Jiangsu Provincial Office of the State Administration of Taxation and the Jiangsu Provincial Local Taxation Bureau. The Certificate number is GR201732004531 and is valid for a term of three years commencing from its issue date on 27 December 2017. The Group is therefore entitled to enjoy preferential tax treatment for three consecutive years from 2017 to 2019, during that time, paying an enterprise income tax rate of 15% (the original income tax rate being 25%).

Yim Tsun, Chairlady of China Wood Optimization, said, "We are very delighted to be accredited as a High and New Technology Enterprise, which represents a recognition of China Wood Optimization's efforts in developing its wood optimization technology. We believe that the tax preferential treatment will also have a positive impact on the operation results of the Group."

About China Wood Optimization (Holding) Limited (stock code: 1885)
The Group is principally engaged in the processing, manufacturing and sales of processed wood products, as well as providing a Wood Processing Procedure Service for customers with a self-developed wood processing procedure and a self-developed impregnation fluid. The Group's processed wood products include the less-shaved Processed Wood Panels. The Group's wood processing procedure can improve the hardness, shrinkage and swelling rate, density, deformation resistance, cracking resistance, anti-corrosiveness, bending strength and elasticity of poplar wood. Its processed wood products can be used as substitutes of natural solid woods. The Group's products are widely used to make furniture and indoor furnishing materials. Customers of the Group mainly include manufacturers of floor planks, furniture, doors and window frames and wholesalers of wooden panels. The Group successfully transferred listing from the GEM to Main Board in September 2016.For details, please refer to http://www.chinawood.com.hk/

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Source: China Wood Optimization (Holding) Limited
Sectors: Daily Finance, Daily News