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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of the Income Tax Provision (benefit)

The components of the income tax provision are as follows:

		For the Years Ended December 31,
		2020				2019
Current tax provision
Hong Kong		$	-			$	-
China			1,549,333				2,724,662
			1,549,333				2,724,662
Deferred tax provision
Hong Kong			-				-
China			-				-
			-				-
Income tax provision		$	1,549,333			$	2,724,662

Schedule of Income Tax Rate

The following table reconciles the China statutory rates to the Company’s effective tax rate for the years ended December 31, 2020 and 2019:

		For the Years Ended December 31,
		2020				2019
PRC statutory income tax rate			25.0	%			25.0	%
Effect of income tax holiday			(10.0	)%			(10.0	)%
Non-deductible expenses in the PRC			(0.2	)%			1.6	%
Effective tax rate			14.8	%			16.6	%

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- References

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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