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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Schedule of Provisions for Income Tax

Provisions for income tax are as follows:

 

   December 31,
2024
   December 31,
2023
   December 31,
2022
 
   US$   US$   US$ 
Provisions for current income tax   3,431,459    3,828,207    4,713,543 
Deferred income tax benefit   (642,635)   (370,474)   
-
 
Total   2,788,824    3,457,733    4,713,543 
Schedule of Total Income Tax Expense

The following is a reconciliation of the Company’s total income tax expense to the income before income taxes for the years ended December 31, 2024, 2023 and 2022, respectively:

 

   2024   2023   2022 
   US$   US$   US$ 
Income before income tax provision   13,626,131    15,048,773    18,129,648 
Tax at the PRC EIT tax rates   3,406,532    3,762,193    4,532,412 
Effect of preferential tax   (574,656)   (554,322)   (774,299)
Change in valuation allowance   335,175    487,037    37,169 
Tax effect of non-deductible expenses   485,798    451,154    1,660,869 
Tax effect of R&D expenses additional deduction*   (864,025)   (688,329)   (742,608)
Income tax expense   2,788,824    3,457,733    4,713,543 

 

* According to PRC tax regulations, an additional of 100% of current year R&D expenses may be deducted from tax income.