SORL Auto Parts, Inc. (SORL) Receives High-Tech Enterprise Status and Preferred Tax Rate
SORL Auto Parts, a leading supplier of brake and control systems to the global commercial vehicle industry, recently announced that the Chinese government renewed its status as a High-Tech Enterprise. SORL will receive a preferred tax rate of 15% for three fiscal years, compared with the normal 25% corporate tax rate. Qualifications include: • Own proprietary intellectual rights • Operate in a government-selected industry • R&D expenditures and income from high-tech products/services each must meet a required minimum percentage of annual revenue • The number of R&D personnel must meet a required percentage of total employees SORL has received its…