Cleantech Innovations gets high-tech status, to pay lower taxes in China
(ADPnews) - Sep 30, 2010 - China-focused clean-technology firm Cleantech Innovations Inc (OTC:EVCP) said yesterday it would benefit from a lower income tax in 2010 and the next two years as it had been granted a high-tech status by the Chinese government.
This status allows the company to qualify for a 15% income tax rate in 2010, 2011 and 2012 instead of the standard 25%. The lower tax rate will boost Cleantech's earnings for the three-year period.
The company is active in the provision of wind towers to Chinese customers. It said it had seen a significant rise in profits for the third quarter of 2010, without giving more details.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.