Binzhou firms benefit from improved taxation services

The tax bureau of Binzhou Economic and Technological Development Zone focuses on the development requirements of new quality productive forces. [Photo by Wei Jing for chinadaily.com.cn]

This year, the tax bureau of Binzhou Economic and Technological Development Zone has been focusing on the development requirements of new quality productive forces, efficient implementation of tax preferential policies, and the innovative development of local firms in frontier areas.

Shandong Amhwa Biopharm is a technology innovation enterprise specializing in the research and production of biologically-active substances, bulk drugs, medical beauty terminals, and functional skincare products. It provides high-quality products and services around the globe in fields such as pharmaceutical skincare, food, and agriculture and become a leading global manufacturer of hyaluronic acid.

Amhwa has encountered various difficulties over the years, and the company's finance manager spoke highly of the assistance provided to the company by the local tax authorities.

"Amhwa has benefited from a series of tax preferential policies. Policies such as the deduction of research and development expenses will further alleviate our tax burden and strengthen our confidence in the company's development," said the company's finance manager.

To boost the high-quality development of local enterprises, the zone's tax bureau has established a special team to ensure that companies are able to make the most of beneficial policies, as well as help them overcome any difficulties.

Shandong Amhwa Biopharm enjoyed a deduction of over 4.7 million yuan ($649,544.7) in research and development expenses in 2023, a reduction of over 1 million yuan in corporate income tax for high-tech enterprises, and over 1.3 million yuan in export tax refunds. The rapid return of funds has not only helped reduce the financial burden on the company but also allowed it to move forward with research and development efforts and instilling it with confidence in future technological investment. (Edited by Xie Zhenzhen)