China Sure Water (USA) Inc. - FORM 10-Q/A - XML - IDEA: XBRL DOCUMENT - September 7, 2011

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10-Q/A - CHINA SURE WATER (USA), INC. FORM 10-Q/A JUNE 30, 2011 - China Sure Water (USA) Inc.chinasure10qa20110630.htm
XML - IDEA: XBRL DOCUMENT - China Sure Water (USA) Inc.R8.htm
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EXCEL - IDEA: XBRL DOCUMENT - China Sure Water (USA) Inc.Financial_Report.xls
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v2.3.0.11
Taxes
 3 Months Ended
Jun. 30, 2011
Income Taxes  
Income Tax Disclosure [Text Block]
12           TAXES


Corporation income tax


The Company is governed by the Income Tax Law of the People’s Republic of China concerning privately run and foreign invested enterprises, which are generally subject to tax at a statutory rate of 25% on income reported in the statutory financial statements after appropriate tax adjustments.


The reconciliation of income tax expense at the U.S. statutory rate of 35% for the six months ended June 30, 2011 and 2010 to the Company’s effective tax rate is as follows:




   
For the six months ended June 30,
  
   
2011
    
2010
  
   
(Unaudited)
    
(Unaudited)
  
             
U.S. statutory rate at 35%
   $ 1,179,395     $ 462,491  
Tax rate difference between China and U.S.
     (352,242 )     (132,140 )
Permanent difference related to GAAP and Chinese tax law
     (64,547 )     (61,610 )
Change in valuation allowance
     53,451       -  
Tax exempt income
     -       24,906  
Effective tax rate
   $ 816,057     $ 293,647  


The provisions for income taxes are summarized as follows:


   
For the six months ended June 30,
  
   
2011
    
2010
  
   
(Unaudited)
    
(Unaudited)
  
             
Current - foreign
   $ 829,593     $ 270,230  
Deferred - foreign
     (13,536 )     23,417  
Deferred - United States
     (53,451 )     -  
Valuation allowance - United States
     53,451       -  
    $ 816,057     $ 293,647  


Value added tax (“VAT”)


Enterprises or individuals who sell commodities, engage in repair and maintenance or import or export goods in the PRC are subject to a value added tax in accordance with the PRC laws. The value added tax standard rate is 17% of the gross sales price. A credit is available whereby VAT paid on the purchases of semi-finished products or raw materials used in the production of the Company’s finished products can be used to offset the VAT due on the sales of the finished products.

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