Quarterly report pursuant to Section 13 or 15(d)

Deferred Tax Assets

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Deferred Tax Assets
 9 Months Ended
Dec. 31, 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 December 31, 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:

 

 

   

 

December 31, 2019

    

 

 March 31, 2019

  
             
Deferred tax assets:              
Tax losses carryforward    $ 2,246      $ 2,376  
Revaluation on trading securities     -        2,095  
Accrued liabilities     75        35  
Valuation allowance     (1,538)        (3,241 )
Deferred tax assets    $ 783      $ 1,265  
                 
Deferred tax liabilities:                
Revaluation on trading securities    $ 502      $ -  
                 
Deferred tax liabilities    $ 502      $ -  
                 
Net deferred tax assets    $ 281      $ 1,265  

 

During the nine months ended December 31, 2019 and 2018, the Company’s effective tax rate was equal to 17.03% and 19.09%, respectively.