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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Tax Expense (Benefit)

The tax expense (benefit) comprises:

		Years Ended December 31,
		2013				2014
		$				$
Current Tax			16,324,841				28,018,330
Deferred Tax			(61,549	)			(3,486,826	)
Total			16,263,292				24,531,504

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,
		2013				2014
PRC income tax rate			25.00	%			25.00	%
Expenses not deductible for tax purposes			0.29	%			0.38	%
Effect of tax-free investment income			(1.35	%)			(0.62	%)
Effect of uncertain tax positions			0.25	%			0.17	%
Effect of different tax rate of subsidiary operation in other jurisdiction			(0.60	%)			(0.07	%)
Effect of reversal of deferred tax asset allowance			(0.78	%)			—
Effect of nondeductible accumulative losses			—				—
Effect of others			1.07	%			0.29	%
			23.88	%			25.15	%

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,
		2013				2014
		$				$
Deferred tax assets:
Accrued expenses			1,534,183				4,409,145
Tax loss carry forward			619,395				904,927
Unrealized other income			454,370				509,152
Others			544				219,705
Gross deferred tax assets			2,608,492				6,042,929
Valuation allowance			—				—
Net deferred tax assets			2,608,492				6,042,929
Analysis as:
Current			1,113,723				3,780,440
Non-current			1,494,769				2,262,489
Deferred tax liabilities:
Unrealized investment income			329,660				258,386
Total deferred tax liabilities			329,660				258,386
Analysis as:
Current			329,660				258,386
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, 2011			1,594,597
Gross increases—accrued interest in current period			169,389
Settlements			—
Reverse due to lapse of statute of limitation			(322,378	)
Exchange rate translation			10,289
Unrecognized tax benefit—December 31, 2012			1,451,897
Gross increases—accrued interest in current period			168,926
Settlements			—
Reverse due to lapse of statute of limitations			—
Exchange rate translation			29,576
Unrecognized tax benefit—December 31, 2013			1,650,399
Gross increases—accrued interest in current period			168,464
Settlements			—
Reverse due to lapse of statute of limitations			—
Exchange rate translation			(25,404	)
Unrecognized tax benefit—December 31, 2014			1,793,459

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

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-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

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-Name Accounting Standards Codification

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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

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Tabular disclosure of the change in unrecognized tax benefits.

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-SubTopic 10

-Section 55

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