Quarterly report pursuant to Section 13 or 15(d)

Deferred Tax Assets

v3.19.3
Deferred Tax Assets
 6 Months Ended
Sep. 30, 2019
Deferred Tax Assets, Net [Abstract]  
Deferred Tax Assets

The Company is subject to taxation in the Russian Federation, Kazakhstan, Kyrgyzstan, Cyprus, Ukraine, Uzbekistan, Germany and the United States of America.

 

The tax rates used for deferred tax assets and liabilities as of September 30, 2019 and March 31, 2019 is 21% for the U.S., 20% for the Russian Federation and Kazakhstan, 31% for Germany, 12.5% for Cyprus, 18% for Ukraine, 12% for Uzbekistan and 10% for Kyrgyzstan.

 

Deferred tax assets and liabilities of the Company are comprised of the following:

 

   

  September 30,

2019

    

  March 31,

2019

  
             
Deferred tax assets:            
Tax losses carryforward   $ 3,027     $ 2,376  
Revaluation on trading securities     53       2,095  
Accrued liabilities     60       35  
Valuation allowance     (2,401 )     (3,241 )
Deferred tax assets   $ 739     $ 1,265  
                 
Deferred tax liabilities:                
Revaluation on trading securities   $ 140     $ -  
                 
Deferred tax liabilities   $ 140     $ -  
                 
Net deferred tax assets   $ 599     $ 1,265  

 

During the six months ended September 30, 2019 and 2018, the Company’s effective tax rate was equal to 20.5% and 11.2%, respectively. The increase in effective tax rate was primarily attributable to U.S. state taxes on non-U.S. earnings which are not offset by tax credits.