DEFERRED TAX LIABILITIES
|3 Months Ended|
Dec. 31, 2021
|Income Tax Disclosure [Abstract]|
|Deferred Tax Liabilities||DEFERRED TAXES LIABILITIES
The Company is subject to taxation in the Russian Federation, Kazakhstan, Kyrgyzstan, Cyprus, Ukraine, Uzbekistan, Germany, Azerbaijan United Kingdom, Armenia and the United States of America.
The tax rates used for deferred tax assets and liabilities as of December 31, 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, 25% for United Kingdom, 18% for Armenia and 15% for Uzbekistan. Deferred tax assets and liabilities of the Company are comprised of the following:
During the nine months ended December 31, 2021, and 2020, the effective tax rate was equal to 11.0% and 15.8%, respectively.
Net operating loss carryforwards as of December 31, 2021, and March 31, 2021, were $2,034 and $2,104, respectively, and are subject to income tax in Uzbekistan.
The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef