| INCOME TAX EXPENSE |
NOTE 25 — INCOME TAX EXPENSE
The Company is subject to income taxes in the countries of Indonesia, Singapore, and South Africa. The provision for income taxes consists of the following provisions (benefits):
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2021 |
|
2020 |
Current tax: |
|
|
|
|
|
|
Current tax on profits for the year |
|
$ |
— |
|
$ |
— |
|
|
|
— |
|
|
— |
Deferred income tax: |
|
|
|
|
|
|
(Increase) decrease in deferred tax assets |
|
|
(29,230) |
|
|
155,603 |
Decrease in deferred tax liabilities |
|
|
(99,622) |
|
|
(86,358) |
|
|
|
(128,852) |
|
|
69,245 |
(Benefit from) Provision for income taxes, as previously reported |
|
$ |
(128,852) |
|
$ |
69,245 |
The reconciliation of income taxes at the statutory rate of Singapore to the effective tax rates for the years ended December 31, 2021 and 2020 is as follows:
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
2021 |
|
2020 |
Income (loss) from continuing operations before provision for income taxes |
|
$ |
(4,618,050) |
|
$ |
(3,123,070) |
Tax at the Singapore rate of 17% |
|
$ |
(785,069) |
|
$ |
(530,922) |
Reconciling items: |
|
|
|
|
|
|
Permanent differences |
|
|
31,272 |
|
|
39,478 |
Current period net operating losses not recognized as a deferred tax asset |
|
|
743,997 |
|
|
407,519 |
Rate differential – non-Singapore entities |
|
|
(55,045) |
|
|
(24,305) |
Other deferred tax activity |
|
|
(64,007) |
|
|
177,474 |
Provision for income taxes |
|
$ |
(128,852) |
|
$ |
69,245 |
|
NOTE 27 — INCOME TAX EXPENSE (as restated)
The Company is subject to income taxes in the countries of Indonesia, Singapore, and South Africa. The provision for income taxes consists of the following provisions (benefits):
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
|
|
As restated |
|
As restated |
Current tax: |
|
|
|
|
Current tax on profits for the year |
|
$ |
— |
|
$ |
27,265 |
|
|
|
— |
|
|
27,265 |
Deferred income tax: |
|
|
|
|
|
|
(Increase) decrease in deferred tax assets |
|
|
155,603 |
|
|
210,926 |
Decrease in deferred tax liabilities |
|
|
(86,358) |
|
|
(126,881) |
|
|
|
69,245 |
|
|
84,045 |
Provision for income taxes, as restated |
|
$ |
69,245 |
|
$ |
111,310 |
The reconciliation of income taxes at the statutory rate of Singapore to the effective tax rates for the years ended December 31, 2020 and 2019 is as follows:
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
2020 |
|
2019 |
|
|
|
As restated |
Income (loss) from continuing operations before provision for income taxes |
|
$ |
(3,123,070) |
|
$ |
(1,119,009) |
Tax at the Singapore rate of 17% |
|
$ |
(530,922) |
|
$ |
(190,232) |
Reconciling items: |
|
|
|
|
|
|
Permanent differences |
|
|
39,478 |
|
|
91,519 |
Usage of unrecorded net operating loss deferred tax asset |
|
|
— |
|
|
(316,226) |
Current period net operating losses not recognized as a deferred tax asset |
|
|
407,519 |
|
|
272,204 |
Rate differential – non-Singapore entities |
|
|
(24,305) |
|
|
188,728 |
Reversal of deferred tax liability |
|
|
— |
|
|
— |
Other deferred tax activity |
|
|
177,474 |
|
|
65,317 |
Provision for income taxes, as restated |
|
$ |
69,245 |
|
$ |
111,310 |
|