XML 77 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
INCOME TAX
6 Months Ended
Jun. 30, 2013
Income Tax Disclosure [Abstract]  
INCOME TAX
NOTE 9 – INCOME TAX
 
On October 31, 2011, Shandong Taibang received a notice from the Shandong provincial government that the High and New Technology Enterprise qualification has been renewed for an additional three years which entitled it to a 15% preferential income tax rate from 2011 to 2013.
 
According to Cai Shui [2011] No. 58 dated July 27, 2011, Guizhou Taibang, being a qualified enterprise located in the western region of PRC, enjoys a preferential income tax rate of 15% effective retroactively from January 1, 2011 to December 31, 2020.
 
The Company’s effective income tax rates were 14% and 15% for the three months ended June 30, 2013 and 2012, respectively. The Company’s effective income tax rates were 16% and 15% for the six months ended June 30, 2013 and 2012, respectively.
 
As of and for the six months ended June 30, 2013, the Company did not have any unrecognized tax benefits and thus no interest and penalties related to unrecognized tax benefits were recorded. In addition, the Company does not expect that the amount of unrecognized tax benefits to change significantly within the next 12 months.