TAXES PAYABLE (Tables)

3 Months Ended

Sep. 30, 2015

Schedule of Tax Payable [Table Text Block]

Taxes payable consisted of the following:

	September 30,		June 30,
	2015		2015
VAT provision	$	25,788	$	27,251
Income tax payable		-		3,778,339
Other levies		408,683		698,952
Total	$	434,471	$	4,504,542

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 three months ended September 30, 2015 and 2014, for the following reasons:

September 30, 2015
	China				United States
	15% - 25%				34%				Total

Pretax income (loss)	$	10,616,945				(1,593,831)			$	9,023,114

Expected income tax expense (benefit)		2,654,236	25.0	%		(541,903)	34.0	%		2,112,333
High-tech income benefits on Jinong		(787,682)	(7.4)	%		-	-			(787,682)
Losses from subsidiaries in which no benefit is recognized		(89,112)	(0.8)	%		-	-			(89,112)
Change in valuation allowance on deferred tax asset from US tax benefit		-				541,903	(34.0)	%		541,903
Actual tax expense	$	1,777,442	16.7	%	$	-	-	%	$	1,777,442	19.7	%

September 30, 2014
	China				United States
	15% - 25%				34%				Total

Pretax income (loss)	$	12,208,311			$	(2,105,634)			$	10,102,677

Expected income tax expense (benefit)		3,052,078	25.0	%		(715,916)	34.0	%		2,336,162
High-tech income benefits on Jinong		(591,405)	(4.8)	%		-	-			(591,405)
Losses from subsidiaries in which no benefit is recognized		(457,078)	(3.7)	%		-	-			(457,078)
Change in valuation allowance on deferred tax asset from US tax benefit		-				715,916	(34.0)	%		715,916
Actual tax expense	$	2,003,595	16.4	%	$	-	-	%	$	2,003,595	19.8	%