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Phoslock Subsidiary Granted Tax Breaks in China, Coveted Status
Oct. 28, 2019 03:45PM PST
Australia InvestingThe subsidiary has been given a reduced tax rate of 15 percent, dropping from the previous 25 percent, for an initial period of three years.
Phoslock Environmental Technologies (ASX:PET), a cleantech company focused on water decontamination, announced that its Beijing-based subsidiary has been granted High Tech Status in China.
This follows a lengthy assessment process that focuses on companies that are developing innovative technologies. Phoslock’s subsidiary will receive a reduced tax rate of 15 percent, dropping from the previous 25 percent, for an initial period of three years.
As quoted in the press release:
“It not only reinforces the quality and importance of the company in general, but further enhances our standing globally.
“This should add to the opportunities we seek, not only in direct water remediation, but in new products, leading to diversification of our revenue streams in the engineering, ground remediation and technical service areas.”