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Tax benefits boost new development of Xinghua firms

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etaizhou.gov.cn|Updated: September 19, 2024

The taxation authority of Xinghua city, located in East China's Jiangsu province, is continuing to optimize and provide tax service measures for local businesses.

With renewed efforts being made in policy implementation and service optimization, the tax authority has accurately screened tax and fee preferential policies and provided one-to-one policy guidance for advanced manufacturers.

Donghua Chain is a chain drive manufacturer which is said to boast the most comprehensive and widely used chain drives in the global market in terms of production varieties and applications.

Nowadays, the company can develop an estimated 1,000 new products each year. To date, over 30,000 varieties and over 100,000 specifications of chain drive products have been produced there.

But behind every technological breakthrough, the support of Xinghua's taxation authority is indispensable, according to the company.

The authority's staff have actively promoted policies through on-site visits, helping the company to sort out reports and retain material for future reference.

As a result, the company enjoyed a tax deduction of nearly 5 million yuan ($704,485) on research and development expenses in the first half of the year.

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A bird's-eye view of the Donghua Chain in the Xinghua Economic Development Zone. [Photo/sz.tznews.cn]

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