Yuguang Gold & Lead Gets VAT Rebate and Subsidy for Recycling, Capacity Elimination

SHANGHAI, Apr. 9 (SMM) – Henan Yuguang Gold & Lead Co. received value-added-tax rebate of 19.54 million yuan ($3.15 million) for recycling sulfuric acid from off-gas and lead from scrap batteries.

Yuguang was also given 7.89 million yuan ($1.27 million) subsidy from China’s central government as an incentive for it to eliminate backward capacity, the company told Shanghai Stock Exchange today.

Both the tax rebate and subsidy, totaling 27.43 million yuan, will be counted as the company’s non-operating revenue for the 2014 fiscal year, it said.