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Taxes Payable

3 Months Ended

Mar. 31, 2021

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.