TAXES PAYABLE (Tables)

9 Months Ended

Mar. 31, 2015

Schedule of Tax Payable [Table Text Block]

Taxes payable consist of the following:

	March 31,		June 30,
	2015		2014
VAT provision	$	72,201	$	61,506
Income tax payable		7,560,792		1,166,683
Other levies		713,530		693,266
Total	$	8,346,523	$	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 nine months ended March 31, 2015 and 2014, for the following reasons:

March 31, 2015

	China				United States
	15% - 25%				34%				Total

Pretax income (loss)	$	35,092,679				(5,489,206)			$	29,603,473

Expected income tax expense (benefit)		8,773,170	25.0	%		(1,866,330)	34.0	%		6,906,840
High-tech income benefits on Jinong		(2,275,985)	(6.5)	%		-	-			(2,275,985)
Losses from subsidiaries in which no benefit is recognized		(124,425)	(0.4)	%		-	-			(124,425)
Change in valuation allowance on deferred tax asset from US tax benefit		-				1,866,330	(34.0)	%		1,866,330
Actual tax expense	$	6,372,760	18.2	%	$	-	-	%	$	6,372,760	21.5	%

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	%