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4. Income taxes (Tables)

12 Months Ended

Dec. 31, 2013

Components of provision for income taxes

(Loss)/profit before income taxes/(benefit):

		2013				2012				2011
		US$’000				US$’000				US$’000
The PRC and Hong Kong			(157	)			13				(1,204	)

The provision for income taxes consists of:

		2013				2012				2011
		US$’000				US$’000				US$’000
Current tax expenses:
The PRC and Hong Kong			47				117				(46	)
Total current provision			47				117				(46	)
Deferred tax benefit:
The PRC and Hong Kong			26				25				(17	)
Total deferred provision			26				25				(17	)

Reconciling items from income tax

		2013				2012				2011
		US$’000				US$’000				US$’000
Computed tax using respective companies’ statutory tax rates			(49	)			31				(263	)
Change in valuation allowances			124				166				33
Under-provision for income tax in prior years			-				-				(10	)
Non-deductible expenses			(2	)			(55	)			177
Total provision for income tax at effective tax rate			73				142				(63	)

Components of deferred tax assets

		2013				2012
		US$’000				US$’000
Tax losses			230				977
Temporary differences			6				(24	)
Less: Valuation allowances			-				(691	)
Net deferred tax assets			236				262

ZHEJIANG TIANLAN

Components of provision for income taxes

		2013				2012				2011
		RMB’000				RMB’000				RMB’000
Current PRC EIT:
Domestic			2,217				3,218				8,912
Income taxes			2,217				3,218				8,912
Deferred tax benefit:			446				(784	)			(993	)
Total deferred taxes			446				(784	)			(993	)

Reconciling items from income tax

		2013				2012				2011
		RMB’000				RMB’000				RMB’000
Income before income taxes			7,961				933				47,309
Computed tax using respective companies’statutory tax rates			1,194				140				7,096
Under/(over)-provision for income tax in prior years		(122		)			1,358				512
Temporary differences		(445		)			-				-
Tax effect on revenue not subject to tax		(242		)			(56	)			(652	)
Tax effect on expenses not deductible for tax purposes		2,279					992				963
Total provision for income tax at effective tax rate			2,664				2,434				7,919

Components of deferred tax assets

		2013				2012
		RMB’000				RMB’000
Tax losses			-				-
Allowance for doubtful debts			2,959				2,513
Net deferred tax assets			2,959				2,513

ZHEJIANG JIAHUAN

Components of provision for income taxes

						(Unaudited)				(Unaudited)
		2013				2012				2011
		RMB’000				RMB’000				RMB’000
Income taxes			19				-				(280	)

Reconciling items from income tax

						(Unaudited)				(Unaudited)
		2013				2012				2011
		RMB’000				RMB’000				RMB’000
Income before income taxes			2,327				1,535				(5,044	)
Computed tax using respective companies’statutory tax rates			582				384				(1,261	)
Tax effect on revenue not subject to tax			(20,983	)			(20,291	)			(1,964	)
Tax effect on expenses not deductible for tax purposes			20,455				19,907				2,078
Others			(35	)			-				867
Total provision for income tax at effective tax rate			19				-				(280	)

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

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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X

- 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

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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X

- 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

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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