Chinese steelmaker Sutor Technology Group Limited has announced that its subsidiary Changshu Huaye Steel Strip Co Ltd (Changshu Huaye) has been classified as a ‘High-Tech Enterprise' by the Jiangsu provincial government in China.
As a result, Changshu Huaye is qualified to receive the preferential income tax rate of 15 percent according to ‘Enterprise Income Tax Law' and ‘High-Tech Enterprise Management Practice', a company statement said, adding that currently Changshu Huaye is subject to the regular income tax rate of 25 percent.
Changshu Huaye, founded in 2002, is primarily engaged in manufacturing and distributing of high-end hot dip galvanized and pre-painted galvanized steel sheets, with a total annual production capacity of approximately 500,000 metric tons.