| INCOME TAX EXPENSE |
NOTE
25 — 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.
For the six months ended June 30, 2023 and 2022, income tax benefit is recognized as: the tax effect of management’s estimates of
temporary and permanent differences.
|
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):
SCHEDULE OF PROVISION FOR INCOME TAXES 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:
SCHEDULE OF RECONCILIATION OF INCOME TAXES AT THE STATUTORY RATE
| |
|
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 recognized 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 |
) |
|