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Taxes Payable
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Tax Payable [Abstract]    
TAXES PAYABLE

5. TAXES PAYABLE

 

Taxes payable consisted of the following as of June 30, 2021 and December 31, 2020:

 

   2021   2020 
Income tax – current  $2,443,750   $2,746,757 
Value-added tax   
-
    322,652 
Other taxes   108    76,203 
Total – current   2,443,858    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. 

6. TAXES PAYABLE

 

Taxes payable consisted of the following as of December 31, 2020 and 2019:

 

   2020   2019 
Income tax – current  $2,746,757   $2,118,432 
Value-added tax   322,652    1,708,298 
Other taxes   76,203    260,912 
Total – current   3,145,612    4,087,642 
Income tax – noncurrent  $5,174,625   $5,782,625 

 

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.