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Note 11 - Taxes Payable

3 Months Ended

Aug. 31, 2013

NOTE 11 – TAXES PAYABLE

Taxes payable at the balance sheet dates are summarized as follows:


	August 31, 2013	May 31, 2013

Business tax payable	$195,782	$152,131
Income tax payable	565,358	563,497
Others	2,966	2,414
Total	$764,106	$718,042

Business tax represents PRC sales tax imposed upon the Company’s services provided in the PRC. Tax rates range from 3% to 5% depending on the nature of the taxable activities.

Income tax represents PRC income tax. The provision for PRC income tax is based on a statutory rate of 25% of the assessable income of the PRC subsidiaries as determined in accordance with the relevant income tax rules and regulations of the PRC.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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