NOTE 16 - INCOME TAXES

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

NOTE 16 - INCOME TAXES

NOTE 16 – INCOME TAXES

The Company was incorporated in the State of Nevada and therefore, is not subject to any income tax according to the rules and regulations of the State of Nevada. The Company’s Chinese subsidiaries are governed by the Income Tax Law of the PRC and are subject to statutory income tax rate of 25%. For the years ended December 31, 2011 and 2010, the income tax provision for the Company was $2,057 and $420, respectively.

	For the Years Ended December 31,
	2011		2010
Current		$      2,057		$         420
Deferred		-		-
Total provision for income taxes		$      2,057		$         420

A reconciliation of the provision for income taxes with amounts determined by applying the statutory income tax rate to income before income taxes is as follows:

	For the Years Ended December 31,
	2011	2010
Computed tax @ statutory rate of 25%
$(1,124,641)*25% and $(8,063,460)*25% for
December 31, 2011 and 2010, respectively	$  (281,160)	$ (2,015,865)
Non deductible expense	13,799	7,431
Current year losses from PRC subsidiaries	123,148	142,809
Current year losses from U.S. parent holding
company not subject to PRC income taxes	146,270	1,866,045
Total provision for income taxes	$        2,057	$            420