TAXES PAYABLE (Tables)

3 Months Ended

Sep. 30, 2013

Schedule of Tax Payable [Table Text Block]

Taxes payable consist of the following:

	September 30,		June 30,
	2013		2013
VAT provision	$	42,803	$	36,573
Income tax payable		23,521,402		25,348,794
Other levies		359,313		343,392
Total	$	23,923,518	$	25,728,759

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Actual income tax benefit reported in the consolidated statements of income and comprehensive income differ from the amounts computed by applying the US statutory income tax rate of 34% to income before income taxes for the three months ended September 30, 2013 and 2012 for the following reasons:

September 30, 2013
	China				United States
	15% - 25%				34%				Total

Pretax income (loss)	$	15,349,063			$	(2,309,256)			$	13,039,807
Expected income tax expense (benefit)		3,837,266	25.0	%		(785,147)	34.0	%		3,052,119
High-tech income benefits on Jinong		(696,553)	(4.5)	%		-	-			(696,553)
Losses from subsidiaries in which no benefit is recognized		(479,363)	(3.1)	%		-	-			(479,363)
Change in valuation allowance on deferred tax asset from US tax benefit		-				785,147	(34.0)	%		785,147
Actual tax expense	$	2,661,350	17.3	%	$	-	-	%	$	2,661,350	20.4	%

September 30, 2012
	China				United States
	15% - 25%				34%				Total

Pretax income (loss)	$	12,050,347			$	(1,338,963)			$	10,711,384
Expected income tax expense (benefit)		3,012,587	25.0	%		(455,247)	34.0	%		2,557,340
High-tech income benefits on Jinong		(1,168,747)	(9.7)	%		-	-			(1,168,747)
Losses from subsidiaries in which no benefit is recognized		6,144	0.1	%		-	-			6,144
Change in valuation allowance on deferred tax asset from US tax benefit		-				455,247	(34.0)	%		455,247.42
Actual tax expense	$	1,849,984	15.4	%	$	-	-	%	$	1,849,984	17.3	%