Asian Metal News
19th January 2021: Zhangyuan Tungsten announced that it and subordinate – Achteck Cutting Tools Co. Ltd – have been classified as ‘Advanced Hi-Tech Producers’ by relevant local authorities. Zhangyuan Tungsten earned this title in 2011, 2014 and 2017 respectively, each effective for three years. Achteck first earned this title in 2014 and then in 2017, each effective for three years.
‘Advanced Hi-Tech Producers’ are entitled to favorable tax policies. Under these policies, Zhangyuan Tungsten and Achteck will continue to enjoy a favorable enterprise income tax of 15% (in comparison to a 20% for regular enterprises), for consecutive three years from 2021.