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EXCEL - IDEA: XBRL DOCUMENT - CHINA MEDIA INC.Financial_Report.xls
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v2.4.0.6
Note 9. Income Taxes
12 Months Ended
Jun. 30, 2012
Note 9. Income Taxes:  
Note 9. Income Taxes

NOTE 9. Income Taxes

 

The Company accounts for income taxes pursuant to ASC 740, Income Taxes, which requires recognition of deferred income tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns.

 

During fiscal year of 2010, the tax authority determined that Xi’An TV’s taxable income should be assessed at 10% of taxable revenue until further notice from the local tax authority. The Company’s income taxes for the years ended June 30, 2012 and 2011 were $7,961 and $1,402, respectively.

 

The following table reconciles the Company’s statutory tax rates to its effective tax rate as a percentage of income before income taxes:

 

 

 

For The Years Ended

 

 

2012

 

2011

U.S. statutory rate

 

 

34.0%

 

 

34.0%

Foreign income not recognized in the U.S.

 

 

-34.0%

 

 

-34.0%

PRC preferential enterprise income tax rate

 

 

25.0%

 

 

25.0%

Permanent difference

 

 

-12.5%

 

 

-22.9%

Effective tax rate

 

 

12.5%

 

 

2.1%

 

 

The tax authority of the PRC conducts periodic and ad hoc tax filing reviews on business enterprises operating in the PRC after those enterprises had completed their relevant tax filings, hence the Company’s tax filings may not be finalized. It is therefore uncertain as to whether the PRC tax authority may take different views about the Company’s tax filings which may lead to additional tax liabilities.

 

The Company has no United States corporate income tax liability as of June 30, 2012 and 2011.