Quarterly report pursuant to Section 13 or 15(d)

Deferred Tax Assets

v3.20.2
Deferred Tax Assets
 3 Months Ended
Jun. 30, 2020
Deferred Tax Assets  
NOTE 9 - DEFERRED TAX ASSETS

NOTE 9 - 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 June 30, 2020 and March 31, 2020 is 21% for the U.S., 20% for the Russian Federation, Kazakhstan, Kyrgyzstan, 31% for Germany, 12.5% for Cyprus, 18% for Ukraine and 15% for Uzbekistan.

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

 

 

 

June 30,

2020

 

 

March 31,

 2020

 

 

 

 

 

 

 

 

Deferred tax assets:

 

 

 

 

 

 

Tax losses carryforward

 

 $ 949

 

 

 $ 1,691

 

Accrued liabilities

 

 

 100

 

 

 

 7

 

Depreciation

 

 

 4

 

 

 

 4

 

Valuation allowance

 

 

 (586 )

 

 

 (677 )

Revaluation on trading securities

 

 

 -

 

 

 

 72

 

Deferred tax assets

 

 $ 467

 

 

 $ 1,097

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Revaluation on trading securities

 

 $ 775

 

 

 $ 513

 

Other liabilities

 

 

 14

 

 

 

 14

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities

 

 $ 789

 

 

 $ 527

 

 

 

 

 

 

 

 

 

 

Net deferred tax assets/(liabilities)

 

 $ (322 )

 

 $ 570

 

 

During the three months ended June 30, 2020 and 2019, the effective tax rate was equal to 15.94% and 15.23%, respectively.

 

Tax losses carryforward as of June 30, 2020 and March 31, 2020 was $949 and $1,691, respectively, and is subject to income tax in US, Russia, Ukraine and Uzbekistan.