CHINA SHOUGUAN MINING Corp - FORM 10-K - XML - IDEA: XBRL DOCUMENT - April 24, 2012

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EX-31.1 - SEC. 302 CERTIFICATION - CHINA SHOUGUAN MINING Corpcsm_ex31-1.htm
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10-K - ANNUAL REPORT ON FORM 10-K - CHINA SHOUGUAN MINING Corpcsm10k_123111.htm
v2.4.0.6
Income Taxes
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Income Taxes

14. INCOME TAXES

 

For the years ended December 31, 2011 and 2010, the local (United States) and foreign components of (loss) income from operations before income taxes were comprised of the following:

 

    Years ended December 31,
    2011   2010
Tax jurisdictions from:            
- Local   $ -   $ -
- Foreign     (2,294,225)     3,438,380

 

(Loss) Income before income taxes

  

 

$

 

(2,294,225)

  

 

$

 

3,438,380

 

The provision for income taxes consisted of the following:

 

    Years ended December 31,
    2011   2010
Current:            
- Local   $ -   $ -
- Foreign     323,317     949,645
             
Deferred:            
- Local     -     -
- Foreign     -     -

 

Income tax expense

   $ 323,317   $ 949,645

 

The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States, BVI, Hong Kong and the PRC that are subject to taxes in the jurisdictions in which they operate, as follows:

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America.

 

British Virgin Island

 

Under the current BVI law, BSL is not subject to tax on its income or profits. For the years ended December 31, 2011 and 2010, BSL generated an operating loss of $56,788 and $36,320.

 

Hong Kong

 

GWIL is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable income. For the years ended December 31, 2011 and 2010, GWIL suffered from an operating loss of $10,583 and $26,417.

 

The PRC

 

The Company generated its income from its subsidiaries and VIEs operating in the PRC for the years ended December 31, 2011 and 2010. All entities in the PRC are subject to the Corporate Income Tax Law of the People’s Republic of China at a unified income tax rate of 25%. A reconciliation of income tax rate to the effective income tax rate for the years ended December 31, 2011 and 2010 is as follows:

 

    Years ended December 31,
    2011   2010
             
(Loss) income before income taxes   $ (2,226,854)   $ 3,428,477
Statutory income tax rate     25%     25%
Income tax expense at the statutory rate     (556,714)     857,119
Net operating loss not recognized as deferred tax asset     456,188     96,096
Net operating loss carryforward     -     (37,648)
Non-deductible item     420,586     31,456
Tax adjustments     3,257     2,622

 

Income tax expense

   $ 323,317   $ 949,645

 

The following table sets forth the significant components of the aggregate net deferred tax assets of the Company as of December 31, 2011 and 2010:

 

    As of December 31,
    2011   2010
Deferred tax assets:            
Net operating loss carryforwards from the PRC   $ 256,411   $ 165,208
Less: valuation allowance     (256,411)     (165,208)

 

Deferred tax assets

   $ -   $ -

 

As of December 31, 2011, the Company incurred $1,009,418 of aggregate net operating loss carryforward available to offset its taxable income for income tax purposes. The Company has provided for a full valuation allowance against the deferred tax assets of $256,411 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. For the year ended December 31, 2011, the valuation allowance was increased by $91,203, primarily relating to net operating loss carryforward in the foreign tax regime.

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