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4. Income taxes (Tables)

12 Months Ended

Dec. 31, 2015

Components of provision for income taxes

Loss before income taxes:

		2015				2014				2013
		US$’000				US$’000				US$’000
The PRC and Hong Kong			(1,904	)			(879	)			(157	)

The (credit) / provision for income taxes consist of:

		2015				2014				2013
		US$’000				US$’000				US$’000
Current tax expenses:
The PRC and Hong Kong			(72	)			8				47
Total current (credit) / provision			(72	)			8				47
Deferred tax expenses:
The PRC and Hong Kong			25				10				26
Total deferred provision			25				10				26

Reconciling items from income tax

		2015				2014				2013
		US$’000				US$’000				US$’000
Computed tax using respective companies’ statutory tax rates			(177	)			(194	)			(49	)
Change in valuation allowances			455				93				124
Under-provision for income tax in prior years			(69	)			-				-
Non-deductible expenses			(256	)			119				(2	)
Total (credit) / provision for income tax at effective tax rate			(47	)			18				73

Components of deferred tax assets

		2015				2014
		US$’000				US$’000
Tax losses			1,159				1,131
Temporary differences			1				4
Less: Valuation allowances			(958	)			(908	)
Net deferred tax assets			202				227

ZHEJIANG JIAHUAN

Components of provision for income taxes

		2015				2014				2013
		RMB’000				RMB’000				RMB’000
Income taxes			861				484				19

Reconciling items from income tax

		2015				2014				2013
		RMB’000				RMB’000				RMB’000
Income before income taxes			5,797				5,194				2,327
Computed tax using respective companies’ statutory tax rates			1,119				1,299				582
Tax effect on revenue not subject to tax			(447	)			(537	)			(20,983	)
Tax effect on expenses not deductible for tax purposes			-				-				20,455
Under / (over) provision for income tax in prior years			189				(278	)			-
Others			-				-				(35	)
Total provision for income tax at effective tax rate			861				484				19

ZHEJIANG TIANLAN

Components of provision for income taxes

		2015				2014				2013
		RMB’000				RMB’000				RMB’000
Current PRC EIT:
Domestic			3,351				2,159				3,110
Income taxes			3,351				2,159				3,110
Deferred tax benefit:			(177	)			(1,391	)			(447	)
Total deferred taxes			(177	)			(1,391	)			(447	)

Reconciling items from income tax

		2015				2014				2013
		RMB’000				RMB’000				RMB’000
Income before income taxes			24,927				14,776				7,961
Computed tax using respective companies’ statutory tax rates			3,767				2,216				1,194
(Over)-provision for income tax in prior years			-				(2,418	)			(123	)
Temporary differences			(177	)			1,575				(445	)
Tax effect of revenue not subject to tax			(1,068	)			(695	)			(242	)
Tax effect of expenses not deductible for tax purposes			596				90				2,279
Tax effect of  unused tax losses not recognized			56				-				-
Total provision for income tax at effective tax rate			3,174				768				2,663

Components of deferred tax assets

		2015				2014
		RMB’000				RMB’000
Tax losses			-				-
Allowance for doubtful debts			4,527				4,350
Net deferred tax assets			4,527				4,350

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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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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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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