American Dairy Named National Leading Enterprise of Agricultural Industrialization
As a National Leading Enterprise, we anticipate a series of preferential policies from the Chinese government, most importantly, an exclusion from the central government's corporate income tax policy through 2010.
31/07/07 American Dairy, Inc. one of the leading producers and distributors of milk powder and soybean products in China, announced that Feihe Dairy was named "National Leading Enterprise of Agricultural Industrialization" by China's Ministry of Agriculture, National Development and Reform Commission, Ministry of Finance, Ministry of Commerce, The People's Bank of China, State Administration of Taxation, China Securities Regulatory Commission and the China Supply and Marketing Cooperative.
Mr. Leng You Bin, Chief Executive Officer of American Dairy, stated, "This is one of the highest honors a Chinese company can receive from the state and today's announcement speaks to our hard work to make Feihe Dairy a leading producer of infant formula in China. As a National Leading Enterprise, we anticipate a series of preferential policies from the Chinese government, most importantly, an exclusion from the central government's corporate income tax policy through 2010. While we already enjoy a municipal government tax abatement through 2009, today's news grants us central government corporate income tax abatement through the end of 2010."
The Chinese government grants "National Leading Enterprise of Agricultural Industrialization" certificates to select companies specializing in agricultural production and processing. At present, only 580 enterprises in China have been awarded this certificate. American Dairy was awarded the certificate due to its size and contribution to China's agricultural industry.
