Account Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2020

NOTE 12 – Account Payable and accrued liabilities

Accounts payable and accrued liabilities consist of the following:

	March 31, 2020		December 31, 2019
	(Unaudited)
Accounts payable	$	4,059,153	$	3,461,758
Wages and employee benefits payable		608,554		679,189
Taxes payable*		891,992		806,380
VAT payable		828,842		745,935
Bank loan interest payable		4,173,781		3,245,679
Total accounts payable and accrued liabilities	$	10,562,322	$	8,938,941

* Taxes payable consist of the following:

	March 31, 2020		December 31, 2019
	(Unaudited)
Individual income taxes	$	26,943	$	27,150
Business taxes		177,732		169,336
Property and land use taxes		314,443		269,646
Tax penalties		275,976		247,732
Other surcharge and fees		96,898		92,516
Total	$	891,992	$	806,380

As of March 31, 2020 and December 31, 2019, the Company’s taxes payable includes property tax, land use right taxes, income tax, taxes related to rental and other taxes in the aggregate amount of $891,992 and $806,380, respectively. In accordance with Chinese tax authorities and tax laws, the Company accrued tax penalties payable of $275,976 and $247,732 as of March 31, 2020 and December 31, 2019, respectively.

Victory Commercial Management Inc. 10-Q