Deferred Tax Assets
|3 Months Ended|
Jun. 30, 2020
|Deferred Tax Assets|
|NOTE 9 - DEFERRED TAX ASSETS||
NOTE 9 - DEFERRED TAX ASSETS
The Company is subject to taxation in the Russian Federation, Kazakhstan, Kyrgyzstan, Cyprus, Ukraine, Uzbekistan, Germany and the United States of America.
The tax rates used for deferred tax assets and liabilities as of June 30, 2020 and March 31, 2020 is 21% for the U.S., 20% for the Russian Federation, Kazakhstan, Kyrgyzstan, 31% for Germany, 12.5% for Cyprus, 18% for Ukraine and 15% for Uzbekistan.
Deferred tax assets and liabilities of the Company are comprised of the following:
During the three months ended June 30, 2020 and 2019, the effective tax rate was equal to 15.94% and 15.23%, respectively.
Tax losses carryforward as of June 30, 2020 and March 31, 2020 was $949 and $1,691, respectively, and is subject to income tax in US, Russia, Ukraine and Uzbekistan.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef