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Note 15 - Provision For Income Taxes

6 Months Ended

Jun. 30, 2013

NOTE 15 – PROVISION FOR INCOME TAXES

A reconciliation of the expected tax with the actual tax expense is as follows:

	Six months ended June 30,
	2013		2012
	Amount	%	Amount	%

(Loss)/Income before provision for income taxes	$(362,612)		546,944

Expected PRC income tax expense at statutory tax rate of 25%	(90,653)	(25.0)	136,736	25.0
Utilization of tax loss brought forward	-	-	(136,736)	(25.0)
Tax losses not recognized as deferred tax assets	$90,653	25.0	-	-
Provision for Income Taxes	-	-	-	-

(i) Both Jiangxi Jien and Shenzhen Jien are subject to PRC 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.

(ii) Plenty Fame is not subject to tax in accordance with the relevant tax laws and regulations of the BVI.

(iii) Prospect did not generate any assessable profits since its incorporation and therefore is not subject to HKSAR tax.

- 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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