CHONGQING, China, June 1, 2012 /PRNewswire-Asia/ -- Country Style Cooking Restaurant Chain Co., Ltd (NYSE: CCSC) ("Country Style Cooking" or the "Company"), a fast-growing quick service restaurant chain in China, today reported that it has received a notice of preferential tax treatment from the Chongqing State Tax Bureau for years from 2011 to 2020.
The Company's subsidiary in Chongqing, China has applied the standard enterprise income tax rate of 25% to calculate its tax obligations since the preferential tax rate of 15% expired on December 31, 2010. On May 31, 2012, the Company received a written approval from the Chongqing State Tax Bureau stating that the Company's Chongqing subsidiary was granted the preferential tax rate of 15% for years from 2011 through 2020.
As a result of the change in the preferential tax treatment for the year 2011 and the first quarter of 2012, the Company will recognize a one-time tax benefit of RMB7.9 million ( US$1.2 million) in the quarter ending June 30, 2012.
Exchange RateThis announcement contains translations of certain Renminbi amounts into US dollars at specified rates solely for the convenience of readers. All translations from Renminbi to US dollars in this announcement were made at the noon buying rate of RMB6.3439 to US$1.00 on May 25, 2012 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York.
About Country Style Cooking Restaurant Chain Co., Ltd. Country Style Cooking Restaurant Chain Co., Ltd. (NYSE: CCSC) ("Country Style Cooking") is a fast-growing quick service restaurant chain in China, offering delicious, everyday Chinese food to customers who desire fast and affordable quality meals. Country Style Cooking directly operates all of its restaurants and is the largest quick service restaurant chain in Chongqing municipality, home to Sichuan cuisine, one of the best-known Chinese regional cuisines. Additional information about Country Style Cooking can be found at http://ir.csc100.com.