Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

v3.20.4
INCOME TAXES
9 Months Ended
Dec. 31, 2020
INCOME TAXES  
NOTE 8 - INCOME TAXES

NOTE 8 – INCOME TAXES

 

The Company is subject to taxation in the Russian Federation, Kazakhstan, Kyrgyzstan, Cyprus, Ukraine, Uzbekistan, Germany and the U.S.

 

The tax rates used for deferred tax assets and liabilities as of December 31, 2020, and March 31, 2020, is 21% for the U.S., 20% for the Russian Federation, Kazakhstan, and 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:

 

 

 

December 31,

2020

 

 

March 31,

2020

 

 

 

 

 

 

 

 

Deferred tax assets:

 

 

 

 

 

 

Tax loss carryforwards

 

$ 670

 

 

$ 1,691

 

Accrued liabilities

 

 

231

 

 

 

7

 

Depreciation

 

 

-

 

 

 

4

 

Valuation allowance

 

 

(670 )

 

 

(677 )

Revaluation on trading securities

 

 

-

 

 

 

72

 

Deferred tax assets

 

$ 231

 

 

$ 1,097

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Revaluation on trading securities

 

$ 2,408

 

 

$ 513

 

Depreciation

 

 

659

 

 

 

 

Subordinated debt

 

 

831

 

 

 

  - 

 

Other liabilities

 

 

13

 

 

 

14

 

Deferred tax liabilities

 

$ 3,911

 

 

$ 527

 

 

 

 

 

 

 

 

 

 

Net deferred tax assets/(liabilities)

 

$ (3,680 )

 

$ 570

 

 

During the nine months ended December 31, 2020, and 2019, the effective tax rate was equal to 15.79% and 17.03%, respectively.

 

Tax loss carryforwards as of December 31, 2020, and March 31, 2020, were $670 and $1,691, respectively, and are subject to income tax in the U.S., Russian Federation, Ukraine and Uzbekistan.