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v2.4.0.6
INCOME TAXES
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements  
INCOME TAXES
NOTE 6.  INCOME TAXES

 

No provision was made for income tax for the period from October 31, 2007 (Inception) to September 30, 2011 as the Company and its subsidiary had operating losses. For the period from October 31, 2007 (Inception) to September 30, 2011, the Company and its subsidiary incurred net operating losses for tax purposes of approximately $36,375 and $30,878, respectively. Total net operating losses carried forward at September 30, 2011, (i) for Federal and State purposes were $36,375 and $36,375, respectively and (ii) for its entities outside of the United States were $30,878 for the period from October 31, 2007 (Inception) to September 30, 2011. The net operating loss carry-forward may be used to reduce taxable income through the year 2026. The availability of the Company’s net operating loss carry-forwards is subject to limitation if there is a 50% or more change in the ownership of the Company’s stock.

 

There was no significant difference between reportable income tax and statutory income tax. The gross deferred tax asset balance as of September 30, 2011 was approximately 10,677 of which $5,456 was for US federal income tax and $5,221 was for Hong Kong income tax. A 100% valuation allowance has been established against the deferred tax asset, as the utilization of the loss carry-forwards cannot reasonably be assured.
 
As reconciliation between the income taxes computed at the United States and Hong Kong statutory rate and the Group’s provision for income taxes is as follows:

 

      September 30, 2011
      $
United States federal income tax rate     15%
Valuation allowance-US federal income tax     (15%)
      --------------
Provision for income tax     -
      ========
       
Hong Kong statutory rate     16.5%
Valuation allowance – Hong Kong Rate     (16.5%)
      -------------
Provision for income tax     -
      ========

 

The Company did not have any interest and penalty recognized in the income statements for the three months ended September 30, 2011 and year ended June 30, 2011 and 2010 or balance sheet as of September 30, 2011 and June 30, 2011 and 2010. The Company did not have uncertainty tax positions or events leading to uncertainty tax position within the next 12 months. The Company’s 2008, 2009 and 2010 U.S. Corporation Income Tax Return are subject to U.S. Internal Revenue Service examination and the Company’s 2009/2010/2011 Hong Kong Corporations Profits Tax Return filing are subject to Hong Kong Inland Revenue Department examination.