HAPP - Happiness Biotech rallies on subsidiary receiving policy granting 80% tax rebates from local government

Happiness Biotech's ([[HAPP]] +17.6%) wholly-owned subsidiary Happy Buy, 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 for promoting the development of technology industries.Since November 2020, Happy Buy generated e-commerce sales of $3M+."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 $20M or more by the end of this fiscal year ending Mar.31, 2020," CEO Mr. Xuezhu Wang commented.

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Happiness Biotech rallies on subsidiary receiving policy granting 80% tax rebates from local government