Quarterly report pursuant to sections 13 or 15(d)

INCOME TAXES (Tables)

v2.4.0.8
INCOME TAXES (Tables)
6 Months Ended
Jun. 30, 2013
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
A reconciliation of the expected income tax expense to the actual income tax expense for the three and six months ended June 30, 2013 and 2012 was as follows:
 
 
 
For the Three Months Ended
June 30,
 
 
For the Six Months Ended
June 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before tax
 
$
23,236,499
 
$
29,257,857
 
$
34,779,886
 
$
58,256,571
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected PRC income tax expense at
    statutory tax rate of 25%
 
$
5,809,125
 
$
7,314,464
 
$
8,694,972
 
$
14,564,143
 
Add: Non-deductible expenses
 
 
30,344
 
 
213,493
 
 
58,878
 
 
294,012
 
Less: Non-taxable income
 
 
(4,269)
 
 
(650)
 
 
(464,456)
 
 
(1,021)
 
Less: Tax exemption*
 
 
(546,511)
 
 
-
 
 
(693,981)
 
 
-
 
Effect of exchange rate
 
 
(15,362)
 
 
6,633
 
 
(118,835)
 
 
6,702
 
Actual income tax expense
 
$
5,273,327
 
$
7,533,940
 
$
7,476,578
 
$
14,863,836
 
 
* The income tax of Pingtan Xingyi was calculated by 2% of revenue and it was approved by the Tax Bureau.