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Taxes Payable | 3 Months Ended
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Mar. 31, 2021
Tax Payable [Abstract] |
TAXES PAYABLE | 5. TAXES PAYABLE Taxes payable consisted of the following as of March 31, 2021 and 2020:
|  | 2021 |  |  | 2020 |
Income tax – current |  | $ | 2,744,539 |  |  | $ | 2,746,757 |
Value-added tax |  |  | - |  |  |  | 322,652 |
Other taxes |  |  | 111 |  |  |  | 76,203 |
Total – current |  |  | 2,744,649 |  |  |  | 3,145,612 |
Income tax – noncurrent |  | $ | 5,174,625 |  |  | $ | 5,174,625 |
Income tax payable included $7.61 million ($2.44 million included in current above and $5.17 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.

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