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

INCOME TAX EXPENSE

v3.23.2
INCOME TAX EXPENSE
12 Months Ended
Dec. 31, 2022
INCOME TAX EXPENSE

NOTE 27 — INCOME TAX EXPENSE

 

The Company 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):

 

    2022     2021  
    Years ended December 31,  
    2022     2021  
Current tax:                
Current tax on profits for the year   $ 220,570     $  
Total Current tax     220,570        
Deferred income tax:                
(Increase) decrease in deferred tax assets     29,240       (29,230 )
Decrease in deferred tax liabilities     (1,313,406 )     (99,622 )
 Deferred income tax     (1,284,166 )     (128,852 )
(Benefit from) Provision for income taxes   $ (1,063,596 )   $ (128,852 )

 

The provision for income taxes by country consists of the following provisions (benefits):

 

    INDONESIA     NEW ZEALAND     SINGAPORE     SOUTH AFRICA     UK     USA     CONSOLIDATED  
                                           
Current Expense                                                        
Foreign   $ (29,039 )   $ 6,050     $ -     $ 46,129     $ 197,430     $ -     $ 220,570  
Total Current Tax Expense     (29,039 )     6,050       -       46,129       197,430       -     220,570  
                                                         
Deferred Expense                                                        
Federal     -       -       -       -       -       (124,478 )     (124,478 )
State     -       -       -       -       -       (24,010 )     (24,010 )
Foreign     (145,289 )     (54,100 )     29,503       (607,462 )     (358,330 )     -       (1,135,678 )
Total Deferred Tax Expense     (145,289 )     (54,100 )     29,503       (607,462 )     (358,330 )     (148,488 )     (1,284,166 )
                                                         
(Benefit from) Provision for Income Taxes   $ (174,328 )   $ (48,050 )   $ 29,503     $ (561,333 )   $ (160,900 )   $ (148,488 )   $ (1,063,596 )

 

The reconciliation of income taxes at the statutory rate of Singapore to the effective tax rates for the years ended December 31, 2022 and 2021 is as follows:

    2022     2021  
    Years ended December 31,  
    2022     2021  
Loss from continuing operations before provision for income taxes   $ (56,315,143 )   $ (4,618,050 )
Tax at the Singapore rate of 17%     (9,573,574 )     (785,069 )
Reconciling items:                
Permanent differences     5,867,054       31,272  
Current period net operating losses not recognised as a deferred tax asset     3,019,483       743,997  
Rate differential – non-Singapore entities     (736,092 )     (55,045 )
Other deferred tax activity     359,533       (64,007 )
(Benefit from) Provision for income taxes   $ (1,063,596 )   $ (128,852 )