- Current report filing (8-K)
02 5월 2009 - 4:01AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of the
Securities Exchange Act of 1934
Date of Earliest Reported Event:
April 27, 2009
CHINA XD PLASTICS COMPANY LIMITED
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(Exact name of registrant as specified in its charter)
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Nevada
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333-134073
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04-3836208
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(State or Other
Jurisdiction of
Incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.)
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No. 9 Qinling Road, Yingbin Road Centralized Industrial Park
Harbin Development Zone, Heilongjiang, China
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
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86-451-84346600
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(Registrant's telephone number, including area code)
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Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 8.01 Other Events.
On April 27, 2009, as a part of the
Chinese tax authorities detailed implementation of the Enterprise Income Tax Law
(EIT), which became effective on January 1, 2008, the Company was informed
that the effective corporation income tax rate of its wholly-owned subsidiary, Harbin
Xinda Macromolecule Material Co., Ltd. (Xinda), shall increase from the
previously promulgated rate of 7.5% to 15% for the period from January 1, 2008 to December
31, 2010. Under the new tax law, Xinda will no longer be exempt from the Income Tax for
Foreign Investment Enterprises (FEIT) in the manufacturing sector for two
years starting in the first year it became profitable, nor receive a 50% reduction in the
FEIT for the subsequent three years, or a two plus three tax holiday. The
Company estimates that the implementation of new corporate income tax rate will result in
an increase in Xindas corporate income tax liability by approximately $10,000 for
the fiscal year ended December 31, 2008. The majority of the Companys net income for
the period was from the Research Institute, which is a separate entity and whose income is
exempt from the income tax under the current law of China. Since this change does not have
a material effect on the Companys consolidated financial statements for the fiscal
year ended December 31, 2008, the Companys management has decided not to amend the
Form 10-K filed on March 23, 2009. The Company will properly disclose the new effective
income tax rate in all its future filings.
Prior to January 1, 2008, Foreign
Investment Enterprises were subject to the FEIT. Under that law, Foreign Investment
Enterprises were generally subject to an income tax rate of 33% on all income, including
foreign income. Qualified Foreign Investment Enterprises would receive a reduced national
tax rate of 24% or 15%. Qualifying Foreign Investment Enterprises in the manufacturing
sector were exempted from the FEIT for two years starting in the first year they became
profitable, and received a 50% reduction in the FEIT for the subsequent three years, or a
two plus three tax holiday. As such Xinda was exempt from paying the FEIT for
2007 and 2006.
Under the EIT, a uniform tax rate of
25% will be applicable to both domestic and Foreign Investment Enterprises. For existing
Foreign Investment Enterprises, the increased tax rate will be phased in. In addition to
the rate increase, a majority of the favorable tax treatments currently enjoyed by Foreign
Investment Entities are abolished, including the two plus three tax holiday, tax rate
reductions relating to businesses located in specified regions of the country and income
tax refunds for re-investments in China. Under the new law, Xinda will be subject to the
new tax rates and will lose the two plus three tax holiday Xinda would have
been entitled to under the old law. However, as a recipient of the High-Technology
Enterprise Certificate from the Chinese government, Xinda will be entitled to a rebate of
a portion of the EIT. This rebate will reduce Xinda effective EIT tax rate to 15% from
January 1, 2008 to December 31, 2010.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 1, 2009
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CHINA XD PLASTICS COMPANY LIMITED
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By:
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/s/ Jie Han
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Name: Jie Han
Title: Chief Executive Officer
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China XD Plastics (CE) (USOTC:CXDC)
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China XD Plastics (CE) (USOTC:CXDC)
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