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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of Income Tax Expenses

Income tax expenses comprise:

​

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2019			2020			2021
Current tax expenses	​	$	4,941	​	$	29,436	​	$	156,894
Deferred tax (benefit) expenses	​		4,682	​		(1,254)	​		13,207
Total	​	$	9,623	​	$	28,182	​	$	170,101

Schedule of Deferred Tax Assets and Liabilities

The principal components of deferred income tax assets and liabilities from continuing operations are as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
​		2020			2021
Deferred tax assets:	​	​	​	​	​	​
Long-lived assets depreciation	​	$	1,665	​	$	1,546
Deferred government subsidies	​	​	60	​	​	68
Net operating loss carried forward	​	​	709	​	​	816
Sub-total	​	$	2,434	​	$	2,430
Valuation Allowance	​	​	(709)	​	​	(816)
Total deferred tax assets	​	$	1,725	​	$	1,614
​	​	​	​	​	​	​
Deferred tax liabilities:	​		​	​		​
Long-lived assets depreciation	​	$	(4,540)	​	$	(3,258)
Difference in basis of buildings	​	​	(646)	​	​	(621)
Dividend withholding tax	​	​	—	​	​	(14,461)
Total deferred tax liabilities	​	$	(5,186)	​	$	(18,340)
Deferred tax liabilities, net	​	$	(3,461)	​	$	(16,726)

Schedule of Changes of Valuation Allowance

The changes of valuation allowance from continuing operation are as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2019			2020			2021
Beginning balance	​	$	—	​	$	729	​	​	709
Reversal	​		735	​		(65)	​		87
Foreign exchange effect	​		(6)	​		45	​		20
Ending Balance	​	$	729	​	$	709	​	​	816

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate from continuing operation is different from the expected PRC statutory rate as a result of the following items:

​

​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2019		2020		2021
PRC Enterprise Income Tax		25	%	25	%	25	%
Preferential income tax rate of a subsidiary		(14)	%	(11)	%	(10)	%
Effect of different reversal rate	​	5	%	—	​	—	​
R&D Super deduction		(3)	%	(1)	%	—	%
Different tax rate in other jurisdictions		12	%	4	%	—	​
Dividend withholding tax	​	—	​	—	​	1	%
Effective tax rate		25	%	17	%	16	%

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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