Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

v3.20.2
INCOME TAXES
 6 Months Ended
Sep. 30, 2020
INCOME TAXES  
NOTE 9 - INCOME TAXES

NOTE 9 - INCOME TAXES

 

The Company is subject to taxation in the Russian Federation, Kazakhstan, Kyrgyzstan, Cyprus, Ukraine, Uzbekistan, Germany and the U.S.

 

The tax rates used for deferred tax assets and liabilities as of September 30, 2020 and March 31, 2020, is 21% for the U.S., 20% for the Russian Federation, Kazakhstan, and 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:

 

 

 

 

September 30,

2020

 

 

March 31,

2020

 

 

 

 

 

 

 

 

Deferred tax assets:

 

 

 

 

 

 

Tax loss carryforwards

 

 $ 732

 

 

 $ 1,691

 

Accrued liabilities

 

 

 88

 

 

 

 7

 

Depreciation

 

 

 5

 

 

 

 4

 

Valuation allowance

 

 

 (732 )

 

 

 (677 )

Revaluation on trading securities

 

 

 -

 

 

 

 72

 

Deferred tax assets

 

 $ 93

 

 

 $ 1,097

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Revaluation on trading securities

 

 $ 869

 

 

 $ 513

 

Other liabilities

 

 

 14

 

 

 

 14

 

Deferred tax liabilities

 

 $ 883

 

 

 $ 527

 

 

 

 

 

 

 

 

 

 

Net deferred tax assets/(liabilities)

 

 $ (790 )

 

 $ 570

 

During the six months ended September 30, 2020 and 2019, the effective tax rate was equal to 16.1% and 20.5%, respectively.

 

Tax loss carryforwards as of September 30, 2020 and March 31, 2020, was $732 and $1,691, respectively, and is subject to income tax in the U.S., Russian Federation, Ukraine and Uzbekistan.