Singapore: Privately-owned Yangzijiang Shipbuilding has received RMB139.5m ($21.7m) worth of government incentives and tax subsidies granted by municipal governments, the company announced on Wednesday, Seatrade Asia reports.
The Chinese firm applied and obtained RMB20.8m of incentives and RMB118.7m of tax subsidies from the governments of Jinjiang and Jiangyin cities of Jiangsu province, China. The tax incentive scheme will be valid until 2013.
“Such government incentives, tax subsidies will further enhance the group's profitability; we will continue to work on leveraging the current platform to take advantage of the government policies and regulations to reap relevant benefits for our business operations,” said Ren Yuanlin, executive chairman of Yangzijiang.
The Singapore-listed firm expects the incentives and subsidies to have a positive impact on its earnings for the financial year ending 31 December 2011.
The Chinese firm applied and obtained RMB20.8m of incentives and RMB118.7m of tax subsidies from the governments of Jinjiang and Jiangyin cities of Jiangsu province, China. The tax incentive scheme will be valid until 2013.
“Such government incentives, tax subsidies will further enhance the group's profitability; we will continue to work on leveraging the current platform to take advantage of the government policies and regulations to reap relevant benefits for our business operations,” said Ren Yuanlin, executive chairman of Yangzijiang.
The Singapore-listed firm expects the incentives and subsidies to have a positive impact on its earnings for the financial year ending 31 December 2011.