Quarterly report pursuant to sections 13 or 15(d)

INCOME TAXES (Details)

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INCOME TAXES (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Income before tax $ 30,051,080 $ 28,874,751 [1] $ 46,036,872 $ 63,061,103 [1]
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) [2] 0 [2] (693,981) [2] 0 [2]
Effect of exchange rate (15,362) 6,633 (118,835) 6,702
Actual income tax expense $ 5,273,327 $ 7,533,940 [1] $ 7,476,578 $ 14,863,836 [1]
[1] Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2012 rather than on February 25, 2013.
[2] The income tax of Pingtan Xingyi was calculated by 2% of revenue and it was approved by the Tax Bureau.