Annual report pursuant to Section 13 and 15(d)

DEFERRED TAX (LIABILITIES)/ASSETS (Tables)

v3.22.1
DEFERRED TAX (LIABILITIES)/ASSETS (Tables)
 12 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of deferred tax assets and liabilities
As of March 31, 2022 and 2021, deferred tax assets and liabilities of the Company were comprised of the following:
March 31, 2022 March 31, 2021
Deferred tax assets:
Revaluation on trading securities $ 5,760  $ — 
Tax losses carryforward 5,679  316 
Accrued liabilities 967  236 
Depreciation —  16 
Stock compensation expenses —  — 
Valuation allowance —  (316)
Deferred tax assets $ 12,406  $ 252 
Deferred tax liabilities:
Revaluation on trading securities $ —  $ 2,546 
Fixed and Intangible Assets —  1,568 
Subordinated debt —  523 
Other liabilities 388  — 
Deferred tax liabilities $ 388  $ 4,637 
Net deferred tax (liabilities)/assets $ 12,018  $ (4,385)
Schedule of federal income taxes
The Company is subject to the U.S. federal income taxes at a rate of 21%. The reconciliation of the provision for income taxes at the 21% tax rate compared to the Company's income tax expense as reported is as follows:
 
Year ended
March 31, 2022
Year ended
March 31, 2021
 Year ended March 31, 2020
 
Profit before tax at 21%
 $ 49,747  $ 36,335  $ 5,908 
Global intangible low taxed income 31,194  18,451  4,803 
Gain recognized through additional paid in capital 4,988  —  — 
Stock based compensation 3,090  348  551 
Losses carried forward adjustment —  —  (154)
Other differences —  —  20 
Provision for impairment losses (19) 187  (295)
Valuation allowance (316) (361) 416 
Non-taxable interest income (659) —  — 
Permanent differences (2,883) 24  793 
Foreign tax credit (16,200) (10,155) (3,503)
Foreign tax rate differential (18,213) (10,487) (2,938)
Nontaxable gains (25,204) (4,244) 401 
Income tax provision $ 25,525  $ 30,098  $ 6,002 
Schedule of income tax expenses
As of March 31, 2022 and 2021, income tax expense was comprised of the following:
 
Year ended
March 31, 2022
Year ended
March 31, 2021
 Year ended March 31, 2020
Current income tax charge $ 41,927  $ 27,386  $ 5,307 
Deferred income tax charge (16,402) 2,712  695 
Income tax provision $ 25,525  $ 30,098  $ 6,002