TAXES PAYABLE (Tables)

3 Months Ended

Sep. 30, 2014

Schedule of Tax Payable [Table Text Block]

Taxes payable consist of the following:

	September 30,		June 30,
	2014		2014
VAT provision	$	52,840	$	61,506
Income tax payable		3,171,512		1,166,683
Other levies		709,602		693,266
Total	$	3,933,954	$	1,921,455

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, 2014 and 2013, for the following reasons:

September 30, 2014
	China				United States
	15% - 25%				34%				Total

Pretax income (loss)	$	12,208,311			$	(2,105,634)			$	10,102,677
Expected income tax expense (benefit)		3,052,078	25.0	%		(715,916)	34.0	%		2,336,162
High-tech income benefits on Jinong		(591,405)	(4.8)	%		-	-			(591,405)
Losses from subsidiaries in which no benefit is recognized		(457,078)	(3.7)	%		-	-			(457,078)
Change in valuation allowance on deferred tax asset from US tax benefit		-				715,916	(34.0)	%		715,916
Actual tax expense	$	2,003,595	16.4	%	$	-	-	%	$	2,003,595	19.8	%

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	%