| INCOME TAX EXPENSE |
NOTE
31— INCOME TAX EXPENSE
The
Group is subject to income taxes in the countries of Indonesia, Singapore, New Zealand, United States, United Kingdom and South Africa.
The
provision for income taxes consists of the following provisions (benefits):
SCHEDULE OF PROVISION FOR INCOME TAXES PROVISIONS (BENEFITS)
| |
|
2024 |
|
|
2023 |
|
|
2022 |
|
| |
|
Years ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
|
2022 |
|
| Current tax: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current tax on profits for the year |
|
$ |
28,783 |
|
|
$ |
32,115 |
|
|
|
220,570 |
|
| Under provision in prior year |
|
|
800 |
|
|
|
- |
|
|
|
- |
|
| Total
Current tax |
|
|
29,583 |
|
|
|
32,115 |
|
|
|
220,570 |
|
| Deferred income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
| (Increase) decrease in deferred tax assets |
|
|
2,329,636 |
|
|
|
- |
|
|
|
29,240 |
|
| Decrease in deferred tax liabilities |
|
|
(4,611,291 |
) |
|
|
(1,110,801 |
) |
|
|
(1,313,406 |
) |
| Deferred
income tax |
|
|
(2,281,655 |
) |
|
|
(1,110,801 |
) |
|
|
(1,284,166 |
) |
| Benefit from income taxes |
|
$ |
(2,252,072 |
) |
|
$ |
(1,078,686 |
) |
|
|
(1,063,596 |
) |
The
provision for income taxes by country consists of the following provisions (benefits):
| December 31, 2024 |
|
INDONESIA |
|
|
NEW ZEALAND |
|
|
SINGAPORE |
|
|
SOUTH AFRICA |
|
|
UK |
|
|
USA |
|
|
CONSOLIDATED |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,600 |
|
|
|
1,600 |
|
| Foreign |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
-
|
|
|
$ |
- |
|
|
$ |
27,983 |
|
|
$ |
- |
|
|
$ |
27,983 |
|
| Total Current Tax Expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
27,983 |
|
|
|
1,600 |
|
|
|
29,583 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(815,670 |
) |
|
|
(815,670 |
) |
| State |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(202,283 |
) |
|
|
(202,283 |
) |
| Foreign |
|
|
(170,311 |
) |
|
|
(412,208 |
) |
|
|
- |
|
|
|
39,745 |
|
|
|
(641,438 |
) |
|
|
- |
|
|
|
(1,263,702 |
) |
| Total Deferred Tax Expense |
|
|
(170,311 |
) |
|
|
(412,208 |
) |
|
|
- |
|
|
|
39,745 |
|
|
|
(641,438 |
) |
|
|
(1,017,953 |
) |
|
|
(2,281,655 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Benefit from) Provision for Income Taxes |
|
$ |
(170,311 |
) |
|
$ |
(412,208 |
) |
|
$ |
- |
|
|
$ |
39,745 |
|
|
$ |
(613,455 |
) |
|
$ |
(1,016,353 |
) |
|
$ |
(2,252,072 |
) |
| December 31, 2023 |
|
INDONESIA |
|
|
NEW ZEALAND |
|
|
SINGAPORE |
|
|
SOUTH AFRICA |
|
|
UK |
|
|
USA |
|
|
CONSOLIDATED |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200 |
|
|
|
200 |
|
| Foreign |
|
$ |
- |
|
|
$ |
(6,050 |
) |
|
$ |
-
|
|
|
$ |
(2,802 |
) |
|
$ |
40,767 |
|
|
$ |
- |
|
|
$ |
31,915 |
|
| Total Current Tax Expense |
|
|
- |
|
|
|
(6,050 |
) |
|
|
- |
|
|
|
(2,802 |
) |
|
|
40,767 |
|
|
|
200 |
|
|
|
32,115 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(706,102 |
) |
|
|
(706,102 |
) |
| State |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(131,487 |
) |
|
|
(131,487 |
) |
| Foreign |
|
|
- |
|
|
|
(83,410 |
) |
|
|
- |
|
|
|
11,044 |
|
|
|
(200,846 |
) |
|
|
- |
|
|
|
(273,212 |
) |
| Total Deferred Tax Expense |
|
|
- |
|
|
|
(83,410 |
) |
|
|
- |
|
|
|
11,044 |
|
|
|
(200,847 |
) |
|
|
(837,589 |
) |
|
|
(1,110,801 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Benefit from) Provision for Income Taxes |
|
$ |
- |
|
|
$ |
(89,460 |
) |
|
$ |
- |
|
|
$ |
8,242 |
|
|
$ |
(160,079 |
) |
|
$ |
(837,389 |
) |
|
$ |
(1,078,686 |
) |
The
reconciliation of income taxes at the statutory rate of Singapore to the effective tax rates for the years ended December 31, 2024, 2023
and 2022 is as follows:
SCHEDULE OF RECONCILIATION OF INCOME TAXES AT THE STATUTORY RATE
| |
|
2024 |
|
|
2023 |
|
|
2022 |
|
| |
|
Year ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
|
2022 |
|
| Loss from continuing operations before provision for income taxes |
|
$ |
(27,191,894 |
) |
|
$ |
(6,208,871 |
) |
|
|
(56,315,143 |
) |
| Tax at the Singapore rate of 17%
|
|
|
(4,622,622 |
) |
|
|
(1,055,508 |
) |
|
|
(9,573,574 |
) |
| Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
| Permanent differences |
|
|
297,800 |
|
|
|
(2,380,272 |
) |
|
|
5,867,054 |
|
| Current period net operating losses not recognised as a deferred tax asset |
|
|
6,187,916 |
|
|
|
1,600,731 |
|
|
|
3,019,483 |
|
| Rate differential – non-Singapore entities |
|
|
(661,038 |
) |
|
|
(183,113 |
) |
|
|
(736,092 |
) |
| Other deferred tax activity |
|
|
(169,511 |
) |
|
|
939,476 |
|
|
|
359,533 |
|
| Over provision in prior year |
|
|
(3,284,617 |
) |
|
|
- |
|
|
|
- |
|
| Benefit from income taxes |
|
$ |
(2,252,072 |
) |
|
$ |
(1,078,686 |
) |
|
|
(1,063,596 |
) |
|