TAXES PAYABLE (Tables)

6 Months Ended

Dec. 31, 2013

Taxes Payable [Abstract]

Schedule of Tax Payable [Table Text Block]

Taxes payable consist of the following:

	December 31,		June 30,
	2013		2013
VAT provision	$	13,032	$	36,573
Income tax payable		14,886,271		25,348,794
Other levies		343,853		343,392
Total	$	15,243,156	$	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 six months ended December 31, 2013 and 2012 for the following reasons:

December 31, 2013
	China				United States
	15% - 25%				34%				Total
Pretax income (loss)	$	23,600,724			$	(5,435,290)			$	18,165,434
Expected income tax expense (benefit)		5,900,181	25.0	%		(1,847,999)	34.0	%		4,052,182
High-tech income benefits on Jinong		(1,777,876)	(7.5)	%		-	-			(1,777,876)
Losses from subsidiaries in which no benefit is recognized		(11,065)	(0.0)	%		-	-			(11,065)
Change in valuation allowance on deferred tax asset from US tax benefit		-				1,847,999	(34.0)	%		1,847,999
Actual tax expense	$	4,111,240	17.4	%	$	-	-	%	$	4,111,240	22.6	%

December 31, 2012
	China				United States
	15% - 25%				34%				Total
Pretax income (loss)	$	23,085,245			$	(2,356,633)			$	20,728,612
Expected income tax expense (benefit)		5,771,311	25.0	%		(801,255)	34.0	%		4,970,056
High-tech income benefits on Jinong		(2,015,741)	(8.7)	%		-	-			(2,015,741)
Losses from subsidiaries in which no benefit is recognized		(129,686)	(0.6)	%		-	-			(129,686)
Change in valuation allowance on deferred tax asset from US tax benefit		-				801,255	(34.0)	%		801,255.22
Actual tax expense	$	3,625,884	16	%	$	-	-	%	$	3,625,884	17.5	%