TAXES PAYABLE (Tables)

6 Months Ended

Dec. 31, 2014

Taxes Payable [Abstract]

Schedule of Tax Payable [Table Text Block]

Taxes payable consist of the following:

	December 31,		June 30,
	2014		2014
VAT provision	$	36,413	$	61,506
Income tax payable		4,726,504		1,166,683
Other levies		693,371		693,266
Total	$	5,456,288	$	1,921,455

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 six months ended December 31, 2014 and 2013, for the following reasons:

December 31, 2014 

	China				United States
	15% - 25%				34%				Total
Pretax income (loss)	$	20,896,514			$	(4,026,516)			$	16,869,998
Expected income tax expense (benefit)		5,224,129	25.0	%		(1,369,015)	34.0	%		3,855,114
High-tech income benefits on Jinong		(1,565,331)	(7.5)	%		-	-			(1,565,331)
Losses from subsidiaries in which no benefit is recognized		(103,319)	(0.5)	%		-	-			(103,319)
Change in valuation allowance on deferred tax asset from US tax benefit		-				1,369,015	(34.0)	%		1,369,015
Actual tax expense	$	3,555,479	17.0	%	$	-	-	%	$	3,555,479	21.1	%

December 31, 2013

	China				United States
	15% - 25%				34%				Total
Pretax income (loss)	$	23,600,724			$	(5,435,290)			$	18,165,434
Expected income tax expense (benefit)		5,900,181	25.0	%		(1,847,999)	34.0	%		4,052,182
High-tech income benefits on Jinong		(1,777,876)	(7.5)	%		-	-			(1,777,876)
Losses from subsidiaries in which no benefit is recognized		(11,065)	(0.0)	%		-	-			(11,065)
Change in valuation allowance on deferred tax asset from US tax benefit		-				1,847,999	(34.0)	%		1,847,999
Actual tax expense	$	4,111,240	17.4	%	$	-	-	%	$	4,111,240	22.6	%