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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: TAXES PAYABLE (Policies)
9 Months Ended
Jan. 31, 2019
Policies  
TAXES PAYABLE

TAXES PAYABLE

 

We are required to charge for and to collect value added taxes (VAT) on our sales on behalf of the PRC tax authority. We record VAT that we billed our customers as VAT payable. In addition, we are required to pay value added taxes on our primary purchases. We record VAT that is charged by our vendors as VAT receivable. We are required to file VAT return on a monthly basis with the PRC tax authority, in which we are entitled to claim the VAT that we charged by vendors as VAT credit and these credits can be applied to our VAT payable that we billed our customers. Accordingly, these VAT payable and receivable are presented as net amounts for financial statement purposes. Taxes payable as of January 31, 2020 and April 30, 2019 amounted to $170,216 and $125,854, respectively, and consisted primarily of VAT taxes.