| 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):
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|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2021 |
|
2020 |
Current tax: |
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|
|
|
|
|
Current tax on profits for the year |
|
$ |
— |
|
$ |
— |
|
|
|
— |
|
|
— |
Deferred income tax: |
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|
|
|
|
|
(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:
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|
|
|
|
|
|
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 |
|