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Taxes Payable

9 Months Ended

Sep. 30, 2019

Taxes Payable [Abstract]

TAXES PAYABLE

9. TAXES PAYABLE

Taxes payable consisted of the following as of September 30, 2019 and December 31, 2018:

		2019				2018
Income tax – current		$	1,508,825			$	1,718,051
Value-added tax			1,684,941				1,666,695
Other taxes			257,345				251,813
Total – current			3,451,111				3,636,559
Income tax – noncurrent		$	6,390,525			$	6,390,625

Income tax payable was approximately $7.90 million at September 30, 2019, including $1.51 million current and $6.39 million noncurrent was from recording the estimated one-time transition tax on post-1986 foreign unremitted earnings under the Tax Cut and Jobs Act signed on December 22, 2017. An election is available for the U.S. shareholders of a foreign company to pay the tax liability in installments over a period of eight years with 8% of net tax liability in the first five years, 15% in the sixth year, 20% in the seventh year, and 25% in the eighth year. The Company made such election.