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

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

INCOME TAX EXPENSE (Tables)

INCOME TAX EXPENSE (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAX EXPENSE

Schedule of provision for income taxes provisions (benefits) and deferred income tax


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

Schedule of reconciliation of income taxes at the statutory rate


		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