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Taxes Payable

12 Months Ended

Dec. 31, 2019

Taxes Payable [Abstract]

TAXES PAYABLE

7. TAXES PAYABLE

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

		2019				2018
Income tax – current		$	2,118,432			$	1,718,051
Value-added tax			1,708,298				1,666,695
Other taxes			260,912				251,813
Total – current			4,087,642				3,636,559
Income tax – noncurrent		$	5,782,625			$	6,390,625

Income tax payable included $7.61 million ($1.83 million included in current above and $5.78 million noncurrent) 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 an election.