Quarterly report pursuant to Section 13 or 15(d)

DEFERRED TAX LIABILITIES

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DEFERRED TAX LIABILITIES
 3 Months Ended
Jun. 30, 2021
DEFERRED TAX LIABILITIES  
NOTE 8 - DEFERRED TAX LIABILITIES

NOTE 8 – DEFFERED TAXES LIABILITIES

 

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

The tax rates used for deferred tax assets and liabilities as of June 30, 2021, and March 31, 2021, were 21% for the U.S., 20% for the Russian Federation, Kazakhstan, and Kyrgyzstan, 31% for Germany, 12.5% for Cyprus, 18% for Ukraine, 2% for Azerbaijan and 15% for Uzbekistan. Deferred tax assets and liabilities of the Company are comprised of the following:

 

 

 

June 30, 2021

 

 

March 31, 2021

 

 

 

 

 

 

 

 

Deferred tax assets:

 

 

 

 

 

 

Tax losses carryforward

 

 $ 312

 

 

 $ 316

 

Accrued liabilities

 

 

 346

 

 

 

 236

 

Depreciation

 

 

 16

 

 

 

 16

 

Revaluation on trading securities

 

 

 92

 

 

 

-

 

Valuation allowance

 

 

 (312 )

 

 

 (316 )

Deferred tax assets

 

 $ 454

 

 

 $ 252

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Revaluation on trading securities

 

 $ 451

 

 

 $ 2,546

 

Fixed and Intangible Assets

 

 

 1,733

 

 

 

 1,568

 

Subordinated debt

 

 

 513

 

 

 

 523

 

Deferred tax liabilities

 

 $ 2,697

 

 

 $ 4,637

 

 

 

 

 

 

 

 

 

 

Net deferred tax liabilities

 

 $ (2,243 )

 

 $ (4,385 )

 

During the three months ended June 30, 2021, and 2020, the effective tax rate was equal to 9.88% and 15.94%, respectively.

 

Tax loss carryforwards as of June 30, 2021, and March 31, 2021, were $312 and $316, respectively, and are subject to income tax in the Ukraine and Uzbekistan.