Registration statement for securities of certain foreign private issuers

INCOME TAX EXPENSE

v3.22.2.2
INCOME TAX EXPENSE
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
INCOME TAX EXPENSE    
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