INCOME TAXES (Tables)
|
12 Months Ended |
Mar. 31, 2026 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of deferred tax assets and liabilities |
As of March 31, 2026 and March 31, 2025, deferred tax assets and liabilities of the Company were comprised of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, 2026 |
|
Year ended March 31, 2025 |
|
|
|
|
| Deferred tax assets: |
|
|
|
| Provisions for contingent liabilities |
$ |
2,100 |
|
|
$ |
— |
|
| Tax losses carryforward |
21,479 |
|
|
4,871 |
|
| Deferred acquisition costs and insurance reserves |
27,204 |
|
|
6,669 |
|
| Provision for impairment losses |
19,510 |
|
|
12,181 |
|
| Valuation allowance on unrecognized deferred tax assets |
(27,575) |
|
|
— |
|
| Deferred tax assets |
$ |
42,718
|
|
|
$ |
23,721
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
| Revaluation on trading securities |
$ |
5,107 |
|
|
$ |
874 |
|
| Fixed and Intangible Assets |
7,980 |
|
|
4,425 |
|
| Other liabilities |
— |
|
|
1,038 |
|
| Deferred tax liabilities |
$ |
13,087
|
|
|
$ |
6,337
|
|
|
|
|
|
| Net deferred tax assets |
$ |
36,183
|
|
|
$ |
17,446
|
|
| Net deferred tax liabilities |
$ |
6,552
|
|
|
$ |
62
|
|
|
| Schedule of federal income taxes |
The reconciliation of the amount computed by multiplying income before provision for income taxes at the 21% income tax rate compared to the Company's income tax expense as reported is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year ended March 31, 2026 |
|
Year ended March 31, 2025 |
|
Year ended March 31, 2024 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Income before income tax at 21% |
$ |
47,453 |
|
|
$ |
23,719 |
|
|
$ |
91,428 |
|
| Effect of cross-border tax laws |
|
|
|
|
|
| Global Intangible Low Taxed Income |
103,741 |
|
|
65,308 |
|
|
60,323 |
|
| Subpart F Income |
4,164 |
|
|
4,750 |
|
|
6,887 |
|
| Foreign tax effects |
|
|
|
|
|
| Kazakhstan |
|
|
|
|
|
| Nontaxable gains and interest |
(31,787) |
|
|
(16,154) |
|
|
(108,025) |
|
| Commission income |
(28,639) |
|
|
(27,592) |
|
|
(20,980) |
|
| Foreign tax rate differential |
(1,394) |
|
|
165 |
|
|
(3,460) |
|
| Additional 10% tax |
20,901 |
|
|
— |
|
|
— |
|
| Cyprus |
|
|
|
|
|
| Foreign tax rate differential |
(21,952) |
|
|
(19,239) |
|
|
(14,492) |
|
| Nontaxable gains and interest |
(1,326) |
|
|
(42) |
|
|
(108) |
|
| Top-up tax |
10,226 |
|
|
3,743 |
|
|
— |
|
| Other foreign jurisdictions |
|
|
|
|
|
| Foreign tax rate differential |
681 |
|
|
129 |
|
|
287 |
|
| Nontaxable or nondeductible items |
|
|
|
|
|
| Stock based compensation |
13,445 |
|
|
10,597 |
|
|
4,601 |
|
| Other permanent differences |
24,282 |
|
|
4,159 |
|
|
58,873 |
|
| Valuation Allowance |
(27,575) |
|
|
— |
|
|
— |
|
| Tax Credits |
|
|
|
|
|
| Foreign tax credit |
(39,583) |
|
|
(21,118) |
|
|
(14,915) |
|
| Income tax expense |
$ |
72,637
|
|
|
$ |
28,425
|
|
|
$ |
60,419
|
|
|
|
|
|
|
|
Tax effect at Kazakhstani subsidiaries |
20,901 |
|
Foreign tax credit used for GILTI and Subpart F Income taxes |
(4,690) |
|
Foreign tax credit used for Pillar II |
(12,649) |
|
Income tax expense effect, net of foreign tax credits |
3,562
|
|
| Income before income tax expenses for the year ended March 31, 2026 |
225,965
|
|
Effect on the consolidated effective tax rate |
1.58
|
% |
|
| Schedule of income tax expenses |
As of March 31, 2026 and 2023, income tax expense was comprised of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year ended March 31, 2026 |
|
Year ended March 31, 2025 |
|
Year ended March 31, 2024 |
|
|
|
|
|
|
| Current income tax charge |
|
|
|
|
|
| Federal |
922 |
|
|
4,054 |
|
|
34,623 |
|
| Foreign |
84,093 |
|
|
44,341 |
|
|
24,573 |
|
|
85,015 |
|
|
48,395 |
|
|
59,196 |
|
| Deferred income tax charge |
|
|
|
|
|
| Federal |
(17,268) |
|
|
(12,715) |
|
|
3,695 |
|
| Foreign |
4,890 |
|
|
(7,255) |
|
|
(2,472) |
|
|
(12,378) |
|
|
(19,970) |
|
|
1,223 |
|
| Income tax expense |
$ |
72,637
|
|
|
$ |
28,425
|
|
|
$ |
60,419
|
|
|
| Schedule of Income before Income Tax, Domestic and Foreign |
Income before income taxes includes the following components:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year ended March 31, 2026 |
|
Year ended March 31, 2025 |
|
Year ended March 31, 2024 |
|
|
|
|
|
|
| United States |
$ |
(134,094) |
|
|
$ |
(61,060) |
|
|
$ |
(66,053) |
|
| Foreign |
360,059 |
|
|
165,643 |
|
|
504,991 |
|
| Net income before income tax |
$ |
225,965
|
|
|
$ |
104,583
|
|
|
$ |
438,938
|
|
|
| Schedule of Cash Flow, Supplemental Disclosures |
Income taxes paid disaggregated by federal and foreign for the years ended March 31, 2026, March 31, 2025 and March 31, 2024 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year ended March 31, 2026 |
|
Year ended March 31, 2025 |
|
Year ended March 31, 2024 |
|
|
|
|
|
|
| US Federal |
$ |
2,110 |
|
|
$ |
24,996 |
|
|
$ |
15,022 |
|
| Foreign |
79,190 |
|
|
28,926 |
|
|
15,297 |
|
| Income taxes paid: |
$ |
81,300
|
|
|
$ |
53,922
|
|
|
$ |
30,319
|
|
Income taxes paid disaggregated by individual jurisdiction for the years ended March 31, 2026, March 31, 2025 and March 31, 2024, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Year ended March 31, 2026 |
|
Year ended March 31, 2025 |
|
Year ended March 31, 2024 |
|
|
|
|
|
|
| United states |
$ |
2,110 |
|
|
$ |
24,996 |
|
|
$ |
15,022 |
|
| Kazakhstan |
29,560 |
|
|
2,937 |
|
|
— |
|
| Cyprus |
37,414 |
|
|
24,785 |
|
|
15,297 |
|
| Armenia |
12,216 |
|
|
1,204 |
|
|
— |
|
| Income taxes paid: |
$ |
81,300
|
|
|
$ |
53,922
|
|
|
$ |
30,319
|
|
|