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

INCOME TAX EXPENSE

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INCOME TAX EXPENSE
 12 Months Ended
Dec. 31, 2023
Notes and other explanatory information [abstract]  
INCOME TAX EXPENSE

NOTE 29 — INCOME TAX EXPENSE

 

The Group 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):

 

    2023     2022     2021  
   

Years ended December 31,

  
    2023     2022     2021  
Current tax:                        
Current tax on profits for the year   $ 32,115     $ 220,570       -  
Total Current tax     32,115       220,570       -  
Deferred income tax:                        
(Increase) decrease in deferred tax assets     -       29,240       (29,230 )
Decrease in deferred tax liabilities     (1,110,801 )     (1,313,406 )     (99,622 )
 Deferred income tax     (1,110,801 )     (1,284,166 )     (128,852 )
Benefit from income taxes   $ (1,078,686 )   $ (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                                                        
State                                             200       200  
Foreign   $ -     $ (6,050 )   $ -     $ (2,802 )   $ 40,767     $ -     $ 31,915  
Total Current Tax Expense     -       (6,050 )     -       (2,802 )     40,767       200       32,115  
                                                         
Deferred Expense                                                        
Federal     -       -       -       -       -       (706,102 )     (706,102 )
State     -       -       -       -       -       (131,487 )     (131,487 )
Foreign     -       (83,410 )     -       11,044       (200,846 )     -       (273,212 )
Total Deferred Tax Expense     -       (83,410 )     -       11,044       (200,847 )     (837,589 )     (1,110,801 )
                                                         
(Benefit from) Provision for Income Taxes   $ -     $ (89,460 )   $ -     $ 8,242     $ (160,079 )   $ (837,389 )   $ (1,078,686 )

 

The reconciliation of income taxes at the statutory rate of Singapore to the effective tax rates for the years ended December 31, 2023 and 2022 is as follows:

 

    2023     2022     2021  
   

Year ended December 31,

  
    2023     2022     2021  
Loss from continuing operations before provision for income taxes   $ (6,208,871 )   $ (56,315,143 )     (4,681,050 )
Tax at the Singapore rate of 17%     (1,055,508 )     (9,573,574 )     (785,069 )
Reconciling items:                        
Permanent differences     (2,380,272 )     5,867,054       31,272  
Current period net operating losses not recognised as a deferred tax asset     1,600,731       3,019,483       743,997  
Rate differential – non-Singapore entities     (183,113 )     (736,092 )     (55,045 )
Other deferred tax activity     939,476       359,533 )     (64,007 )
Benefit from income taxes   $ (1,078,686 )   $ (1,063,596 )     (128,852 )