Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

INCOME TAX EXPENSE

v3.22.1
INCOME TAX EXPENSE
12 Months Ended
Dec. 31, 2021
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