Quarterly report pursuant to Section 13 or 15(d)

DEFERRED TAX LIABILITIES

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DEFERRED TAX LIABILITIES
 6 Months Ended
Sep. 30, 2021
DEFERRED TAX LIABILITIES  
NOTE 8 - DEFERRED TAX LIABILITIES

NOTE 8 – DEFFERED TAXES LIABILITIES

 

The Company is subject to taxation in the Russian Federation, Kazakhstan, Kyrgyzstan, Cyprus, Ukraine, Uzbekistan, Germany, Azerbaijan and the United States of America.

 

The tax rates used for deferred tax assets and liabilities as of September 30, 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 and 15% for Uzbekistan. Deferred tax assets and liabilities of the Company are comprised of the following:

 

 

 

September 30,

2021

 

 

March 31,

2021

 

 

 

 

 

 

 

 

Deferred tax assets:

 

 

 

 

 

 

Tax losses carryforward

 

 $ 310

 

 

 $ 316

 

Accrued liabilities

 

 

 520

 

 

 

 236

 

Depreciation

 

 

 -

 

 

 

 16

 

Revaluation on trading securities

 

 

 415

 

 

 

 -

 

Valuation allowance

 

 

 (310 )

 

 

 (316 )

Deferred tax assets

 

 $ 935

 

 

 $ 252

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Revaluation on trading securities

 

 $ 4,560

 

 

 $ 2,546

 

Fixed and Intangible Assets

 

 

 1,769

 

 

 

 1,568

 

Subordinated debt

 

 

 502

 

 

 

 523

 

Deferred tax liabilities

 

 $ 6,831

 

 

 $ 4,637

 

 

 

 

 

 

 

 

 

 

Net deferred tax liabilities

 

 $ (5,896 )

 

 $ (4,385 )

 

During the six months ended September 30, 2021, and 2020, the effective tax rate was equal to 13.4% and 16.1%, respectively.

 

Tax loss carryforwards as of September 30, 2021, and March 31, 2021, were $310 and $316, respectively, and are subject to income tax in the Ukraine and Uzbekistan.