The Name List of Tax Payers with A Credit Rating in Tax Payment for 2019 was recently published by the State Taxation Administration. It included four Luen Mei member companies, namely Xinbei Thermoelectric, Hunnan Thermal Power, Guorun Low-carbon, and Jiangsu Luen Mei, which were honored as taxpayers each with an A credit rating in tax payment.  

Figure: Search results of credit ratings in tax payment concerning Xinbei Thermoelectric, Guohui Environment Protection, Guorun Low-carbon, and Guoxin Environment Protection. 

Credit in tax payment represents the credit status of a taxpayer in fulfilling the duty of tax payment as statutorily required. Every year the taxation authority conducts multiple rounds of analyses, repeated reviews, and comprehensive appraisal of taxpayers’ credit indicators such as their tax registrations, tax returns, ledger and voucher management, and tax payments. It sets five credit ratings, i.e. A, B, C, D, and E, of which A is the highest. 

Figure: Search result of Hunnan Thermal Power’s credit ratings in tax payment for four consecutive years 

For a company, an A credit rating in tax payment will serve as a “golden business card” for its long-term development. And it is the case with Luen Mei Quantum. Such a rating lays a solid foundation for its future endeavors such as credit improvement, reputation enhancement, financing, market development, and tendering and bidding; it is also an important embodiment of Luen Mei Quantum’s image as an excellent enterprise fulfilling its corporate social responsibility through tax payment in good faith.