HNTEHigh and New Technology Enterprises
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HNTE companies are eligible for the 150% superdeduction in addition to the reduced corporate tax rate.
For an HNTE to receive the 15% rate, it must conduct less than 40% of its activities outside China, and it must create and retain all intellectual property in China.
Qualified newly established HNTEs in special zones are granted a two-year tax holiday.
Being a national HNTE entails lower corporate income tax rate (from the regular 25% to 15% starting this year), faster clearance of customs during overseas travels, preferential terms of bank loans, priority in government approvals of various administrative applications and other operating benefits.
Gengsheng is one of the only three firms in the city of Gongyi to receive the title in the current round of new National HNTE designations.
In accordance with the People's Republic of China ("PRC") income tax laws, an enterprise awarded with a High and New Technology Enterprise ("HNTE") status may be eligible to apply a reduced Enterprise Income Tax ("EIT") rate of 15% instead of the statutory EIT rate of 25%, subject to an annual self-assessment to determine whether it continues to satisfy the criteria as an HNTE for each tax year.
HNTEs are entitled to the preferential income tax rate of 15%, compared to the unified income tax rate of 25%, retroactively to January 1, 2008.
The applicable tax rate for an HNTE is 15%, as compared to the general statutory tax rate of 25%.
As the newly designated HNTE, Fuwei Shandong is entitled to a tax rate of 15%, rather than the general statutory tax rate of 25%.
Previously, Fuwei Shandong had been an HNTE in Shandong Province.