| SCHEDULE OF PROVISION FOR INCOME TAXES PROVISIONS (BENEFITS) |
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 |
) |
|
| SCHEDULE OF RECONCILIATION OF INCOME TAXES AT THE STATUTORY RATE |
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 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 |
) |
|