TAXES PAYABLE (Tables)

9 Months Ended

Mar. 31, 2014

Schedule of Tax Payable [Table Text Block]

Taxes payable consist of the following:

	March 31,		June 30,
	2014		2013
VAT provision	$	21,377	$	36,573
Income tax payable		9,290,397		25,348,794
Other levies		357,597		343,392
Total	$	9,669,371	$	25,728,759

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Actual income tax benefit reported in the consolidated statements of income and comprehensive income differ from the amounts computed by applying the US statutory income tax rate of 34% to income before income taxes for the nine months ended March 31, 2014 and 2013 for the following reasons:

March 31, 2014
	China				United States
	15% - 25%				34%				Total

Pretax income (loss)	$	35,186,323			$	(7,472,676)			$	27,713,647

Expected income tax expense (benefit)		8,796,581	25.0	%		(2,540,710)	34.0	%		6,255,871
High-tech income benefits on Jinong		(2,305,732)	(6.6)	%		-	-			(2,305,732)
Losses from subsidiaries in which no benefit is recognized		(40,527)	(0.1)	%		-	-			(40,527)
Change in valuation allowance on deferred tax asset from US tax benefit		-				2,540,710	(34.0)	%		2,540,710
Actual tax expense	$	6,450,322	18.3	%	$	-	-	%	$	6,450,322	23.3	%

March 31, 2013	China				United States
	15% - 25%				34%				Total

Pretax income (loss)	$	40,324,031			$	(3,053,240)			$	37,270,791

Expected income tax expense (benefit)		10,081,008	25.0	%		(1,038,102)	34.0	%		9,042,906
High-tech income benefits on Jinong		(1,976,456)	(4.9)	%		-	-			(1,976,456)
Losses from subsidiaries in which no benefit is recognized		(1,347,148)	(3.3)	%		-	-			(1,347,148)
Change in valuation allowance on deferred tax asset from US tax benefit		-				1,038,102	(34.0)	%		1,038,102
Actual tax expense	$	6,757,404	16.8	%	$	-	-	%	$	6,757,404	18.1	%