2014年9月,天润乳业以发行股份的方式收购其上游企业天澳牧业100%的股权,以获取其奶牛养殖场的优质奶源,实现全产业链布局,增强成本控制能力。天澳牧业的主营业务为畜牧业,免征增值税;其从事养殖业的所得免征企业所得税,因此天润乳业选择把天澳牧业作为子公司运营,天澳牧业继续享受增值税和所得税优惠,天润乳业从天澳牧业购进的优质奶源可以抵扣进项税额,从而降低集团整体税收负担。2015年7月,沈阳 In September 2014, Tianrun Dairy acquired a 100% stake in its upstream company, Tian’ao Animal Husbandry Co., Ltd. by way of offering shares to acquire the high-quality milk source of its dairy farms, realizing the entire industrial chain layout and enhancing its cost control. Tian’ao Animal Husbandry’s main business is livestock husbandry, exempt from value-added tax; the income from engaging in aquaculture is exempt from enterprise income tax, so Tianrun Dairy chose to operate Tianmao Livestock as a subsidiary company and Tian’ao Livestock Industry continued to enjoy added value Tax and income tax concessions, Tianrun dairy purchased from Tian’ao Livestock can offset input tax, thereby reducing the Group’s overall tax burden. July 2015, Shenyang