Happy Buy Receives Policy Granting 80% Tax Rebates From Local Government

Rhea-AI Summary

Happiness Biotech Group Limited (HAPP) announced that its subsidiary, Happy Buy, has received an 80% tax rebate from the Shunchang County Government in Fujian Province, China. This incentive, which includes local value-added tax and corporate income tax, is part of a broader initiative to support technology industries. Happy Buy achieved e-commerce sales exceeding $3 million since November 2020, with expectations to reach $20 million by the fiscal year-end on March 31, 2021. The company aims to expand its operations significantly with this financial boost.

Positive

• Happy Buy received an 80% tax rebate on local value-added and corporate income taxes.
• E-commerce sales exceeded $3 million since November 2020, demonstrating significant growth potential.
• The company anticipates reaching $20 million in sales by March 31, 2021, indicating strong future sales expectations.

Negative

• None.

NANPING, China, Dec. 16, 2020 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer, announced today that Happy Buy, the Company's wholly-owned subsidiary focusing on e-commerce business, received preferential tax policies from the local government, according to which, 80% of the local value-added tax and the local corporate income tax will be returned to the company as a reward.

Shunchang County Government in Fujian Province, China, has formulated a series of supporting policies to local companies in order to promote the development of technology industries. As a result, given that Happy Buy had e-commerce sales of over US $3 million since November, 2020 and considered a business with significant contribution and sustainable growth, Shunchang County Government has issued a specific plan to refund to Happy Buy 80% of the local value-added tax and the local corporate income tax.

"We are very grateful for the strong support from Shunchang County Government, and we are also proud of the achievements of Happy Buy in the past months. With the tax rebates from the local government, we have more confidence to further develop and expand the scale and business scope of Happy Buy in the future. We are optimistic that the aggregate e-commerce sales by Happy Buy will hit $20 million or more by the end of this fiscal year ending March 31, 2020," said Mr. Xuezhu Wang, CEO of the Company.

About Happiness Biotech Group Limited

Headquartered in Nanping, China, Happiness Biotech Group Limited is an innovative China-based nutraceutical and dietary supplements producer focused on the research, development, manufacturing and marketing of a variety of products made from Chinese herbal extracts and other ingredients. The Company's goal is to provide high-quality products to our consumers. Over the past 14 years, the Company has established a product portfolio consisting of 32 PRC National Medical Products Administration registered "Blue-Cap" SKUs of nutraceutical and dietary supplements products. For more information, please visit: www.happ.org.cn.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China, the COVID-19 outbreak and its impact on our operations and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

 

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SOURCE Happiness Biotech Group Limited

FAQ

What tax benefits did Happiness Biotech Group Limited receive from the local government?

Happiness Biotech Group Limited's subsidiary, Happy Buy, received an 80% tax rebate on local value-added tax and corporate income tax.

What were Happy Buy's e-commerce sales figures since November 2020?

Happy Buy achieved over $3 million in e-commerce sales since November 2020.

What sales target does Happiness Biotech expect to reach by March 31, 2021?

Happiness Biotech expects Happy Buy's aggregate e-commerce sales to hit $20 million or more by March 31, 2021.