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TAXES PAYABLE (Tables)
6 Months Ended
Dec. 31, 2015
Taxes Payable [Abstract]  
Schedule of Tax Payable [Table Text Block]
Taxes payable consisted of the following:
 
 
 
December 31,
 
June 30,
 
 
 
2015
 
2015
 
VAT provision
 
$
7,046
 
$
27,251
 
Income tax payable
 
 
994,928
 
 
3,778,339
 
Other levies
 
 
656,461
 
 
698,952
 
Total
 
$
1,658,436
 
$
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 six months ended December 31, 2015 and 2014, for the following reasons:
 
December 31, 2015
 
 
 
China
 
United States
 
 
 
 
 
 
 
 
 
15% - 25%
 
34%
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income (loss)
 
$
14,575,200
 
 
 
 
$
(3,107,045)
 
 
 
 
$
11,468,155
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected income tax expense (benefit)
 
 
3,643,800
 
 
25
%
 
(1,056,395)
 
 
34.0
%
 
2,587,405
 
 
 
 
High-tech income benefits on Jinong
 
 
(1,145,841)
 
 
(7.86)
%
 
-
 
 
-
 
 
(1,145,841)
 
 
 
 
Losses from subsidiaries in which no benefit is recognized
 
 
564,034
 
 
3.87
%
 
-
 
 
-
 
 
564,034
 
 
 
 
Change in valuation allowance on deferred tax asset from US tax benefit
 
 
-
 
 
-
 
 
1,056,395
 
 
(34.0)
%
 
1,056,395
 
 
 
 
Actual tax expense
 
$
3,061,993
 
 
21
%
$
-
 
 
-
%
$
3,061,993
 
 
26.7
%
 
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
%