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EXCEL - IDEA: XBRL DOCUMENT - China Precision Steel, Inc.Financial_Report.xls
10-Q - QUARTERLY REPORT - China Precision Steel, Inc.form10q.htm
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EX-32 - EXHIBIT 32.1 - China Precision Steel, Inc.ex32-1.htm
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v2.4.0.6
Income Taxes
3 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Taxes

14. Income Taxes

 

For PRC enterprise income tax reporting purposes, the Company is required to compute a 10% salvage value when computing depreciation expense and add back the allowance for doubtful debts. For financial reporting purposes, the Company does not take into account a 10% salvage value when computing depreciation expenses.

 

The tax holiday resulted in tax savings as follows:

 

    Three months ended
September 30,
 
    2012     2011  
Tax savings   $ 0.00     $ 54,312  
                 
Benefit per share                
Basic   $ 0.00     $ 0.00  
Diluted   $ 0.00     $ 0.00  

 

Significant components of the Group’s deferred tax assets and liabilities as of September 30, 2012 and June 30, 2012 are as follows:

 

Deferred tax assets and liabilities:   September 30, 2012     June 30, 2012  
Net operating loss carried forward   $ 7,748,898     $ 6,668,613  
Temporary differences resulting from allowances     2,421,237       2,051,326  
Net deferred income tax asset     10,170,135       8,719,939  
Valuation allowance     (10,170,135 )     (8,719,939 )
    $ -     $ -  

 

The Company has not recognized a deferred tax liability as its foreign subsidiaries do not have any undistributed earnings as of September 30, 2012. A deferred tax liability will be recognized when the Company has undistributed earnings and no longer plans to permanently reinvest undistributed earnings.

 

A reconciliation of the provision for income taxes with amounts determined by the PRC income tax rate to income tax expense per books is as follows:

 

    Three months ended
September 30,
 
    2012     2011  
Computed tax at the PRC statutory rate of 25%   $ (1,080,297 )   $ (268,660 )
Valuation allowance     1,450,195       402,221  
Income not subject to tax     -       (24,950 )
Expenses not deductible for tax     (369,898 )     13  
                 
Benefit of tax holiday     -       (54,312 )
Income tax expense per books   $ -       54,312  

 

Income tax expense consists of:

 

    Three months ended
September 30,
 
    2012     2011  
Income tax expense for the period – PRC   $ -     $ 54,312  
Deferred income tax benefit – PRC     -       -  
Income tax expense per books   $ -     $ 54,312