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

6. TAXES PAYABLE

 

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

 

   2021   2020 
Income tax – current  $3,075,162   $2,746,757 
Value-added tax   
-
    322,652 
Other taxes   71    76,203 
Total – current   3,075,233    3,145,612 
Income tax – noncurrent  $4,566,625   $5,174,625 

 

As of December 31, 2021, income tax payable included $7.61 million ($3.04 million included in current above and $4.57 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.