Quarterly report pursuant to Section 13 or 15(d)

DEFERRED TAX LIABILITIES

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DEFERRED TAX LIABILITIES
 3 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Deferred Tax Liabilities DEFERRED TAX 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. This note is presented excluding the discontinued operations, which is presented separately in Note 26 "Assets and Liabilities Held for Sale".
Deferred tax assets and liabilities of the Company are comprised of the following:
December 31, 2021 March 31, 2021
(Recast) (Recast)
Deferred tax assets:
Tax losses carryforward $ 305  $ 316 
Accrued liabilities 97  109 
Depreciation 16  16 
Revaluation on trading securities —  — 
Valuation allowance (305) (316)
Deferred tax assets $ 113  $ 125 
Deferred tax liabilities:
Revaluation on trading securities $ 978  $ 2,041 
Fixed and intangible assets 621  1,568 
Subordinated debt —  523 
Deferred tax liabilities $ 1,599  $ 4,132 
Net deferred tax liabilities $ (1,486) $ (4,007)
During the nine months ended December 31, 2021, and 2020, the effective tax rate was equal to 11.1% and 13.2%, respectively.
Net operating loss carryforwards as of December 31, 2021, and March 31, 2021, were $305 and $2,104, respectively, and are subject to income tax in Uzbekistan.