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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Tax Expense Benefit

The tax expense (benefit) comprises:

		Years Ended December 31,
		2011				2012
		$				$
Current Tax			9,436,752				9,455,994
Deferred Tax			(1,657,344	)			(476,345	)
Total			7,779,408				8,979,649

Reconciliation Between Statutory Tax Rate to Income Before Income Taxes and Actual Provision for Income Taxes

Reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows:

		Years Ended December 31,
		2011				2012
PRC income tax rate			25.00	%			25.00	%
Expenses not deductible for tax purposes			0.27	%			0.95	%
Effect of uncertain tax positions			0.53	%			(0.48	%)
Effect of different tax rate of subsidiary operation in other jurisdiction			(1.52	%)			0.72	%
Effect of nondeductible accumulative losses			—				1.68	%
Effect of others			0.21	%			0.85	%
			24.49	%			28.72	%

Principal Components of Deferred Income Tax Asset and Liabilities

The principal components of the deferred income tax asset and liabilities are as follows:

		As of December 31,
		2011				2012
		$				$
Deferred tax assets:
Accrued expenses			2,489,684				3,104,439
Tax loss carry forward			544,771				1,054,789
Unrealized other income			475,835				414,217
Others			58,040				17,569
Gross deferred tax assets			3,568,330				4,591,014
Valuation allowance			—				(527,040	)
Net deferred tax assets			3,568,330				4,063,974
Analysis as:
Current			3,030,342				2,958,158
Non-current			537,988				1,105,816
Deferred tax liabilities:
Unrealized investment income			131,943				120,266
Total deferred tax liabilities			131,943				120,266
Analysis as:
Current			131,943				120,266
Non-current			—				—

Movement of Uncertain Tax Positions

The movement of the Group’s uncertain tax positions is summarized as follows:

		$
Unrecognized tax benefit—December 31, 2009			1,223,250
Gross increases—accrued interest in current period			98,579
Settlements			—
Exchange rate translation			42,293
Unrecognized tax benefit—December 31, 2010			1,364,122
Gross increases—accrued interest in current period			168,926
Settlements			—
Exchange rate translation			61,549
Unrecognized tax benefit—December 31, 2011			1,594,597
Gross increases—accrued interest in current period			169,389
Settlements			—
Reverse due to lapse of statute of limitations			(322,378	)
Exchange rate translation			10,289
Unrecognized tax benefit—December 31, 2012			1,451,897

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 55

-Paragraph 217

-URI http://asc.fasb.org/extlink&oid=21917533&loc=d3e36027-109320



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