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INCOME TAXES
9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 14- INCOME TAXES 

 

The Company recorded no income taxes for the three and nine months ended September 30, 2024 and 2023. Net income and net loss were not offset among the operating subsidiaries. Net income of $584,785 and $563,375 were exempt from income tax for the three months ended September 2024 and 2023, respectively. Net income of $1,131,025 and $1,647,017 were exempt from income tax for the nine months ended September 30, 2024 and 2023, respectively.

The following table reconciles the U.S. statutory rates to the Company’s effective tax rate for the three and nine months ended September 30, 2024 and 2023:

 

          
   For the three months ended 
  

September 30,

2024

   September 30,
2023
 
   (Unaudited)   (Unaudited) 
US federal statutory rates   -21%   -21%
Tax rate difference between PRC and U.S.   -4%   -4%
Effect of income tax exemption on certain income   -141%   -170%
Change in valuation allowance   166%   195%
Effective tax rate  $-   $- 

 

           
   For the nine months ended 
  

September 30,

2024

  

September 30,

2023

 
   (Unaudited)   (Unaudited) 
US federal statutory rates   (21%)   (21%)
Tax rate difference between PRC and U.S.   (4%)   (4%)
Effect of income tax exemption on certain income   (29%)   (1206%)
Change in valuation allowance   54%   1231%
Effective tax rate  $-   $- 
           

 

The provision for income tax expense (benefit) for the nine months ended September 30, 2024 and 2023 consisted of the following:

 

          
   For the nine months ended 
   September 30, 2024   September 30, 2023 
   (Unaudited)   (Unaudited) 
Income tax expense - current  $-   $- 
Income tax benefit -deferred   (374,704)   (371,072)
Increase in valuation allowance   374,704    371,072 
Total income tax expense  $-   $- 

 

          
  

September, 30, 2024

(Unaudited)

   December 31, 2023 
Deferred tax asset          
Net operating loss  $(2,905,848)  $(2,531,144)
Less: valuation allowance   2,905,848    2,531,144 
Net deferred tax asset  $-   $-