XML 66 R47.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

TAXATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
TAXATION [Abstract] |
Income Tax Expense | Income tax expense comprises:
|  | Year ended December 31, |
|  | 2021 $ |  |  | 2022 $ |  |  | 2023 $ |
Current income tax |  |  | 289,998 |  |  |  | 272,070 |  |  |  | 317,893 |
Deferred tax |  |  | (975 | ) |  |  | (140,553 | ) |  |  | (94,551 | )
Withholding tax expense |  |  | 43,842 |  |  |  | 36,878 |  |  |  | 39,338 |
|  |  | 332,865 |  |  |  | 168,395 |  |  |  | 262,680 |
Reconciliation of Income Tax at Statutory Corporate Income Tax Rate | The reconciliation of tax computed by applying the tax rate of 17% which is also the statutory corporate income tax rate for its Singapore’s corporate office for the years ended December 31, 2021, 2022 and 2023 is as follows:
|  | Year ended December 31, |
|  | 2021 $ |  |  | 2022 $ |  |  | 2023 $ |
(Loss) Income before income tax and share of results of equity investees |  |  | (1,715,184 | ) |  |  | (1,500,533 | ) |  |  | 432,394 |
Tax expense computed at tax rate of 17% |  |  | (291,581 | ) |  |  | (255,091 | ) |  |  | 73,507 |
Changes in valuation allowance |  |  | 828,141 |  |  |  | 389,129 |  |  |  | 44,491 |
Non-taxable and non-deductible items |  |  | 17,586 |  |  |  | 25,387 |  |  |  | (11,306 | )
Effect of concessionary tax rate and tax reliefs |  |  | (183,962 | ) |  |  | (117,558 | ) |  |  | (42,696 | )
Withholding tax expense |  |  | 43,842 |  |  |  | 36,878 |  |  |  | 39,338 |
Foreign tax effects |  |  | (82,388 | ) |  |  | 85,204 |  |  |  | 154,756 |
Changes in unrecognized tax benefits |  |  | – |  |  |  | – |  |  |  | 6,000 |
Others |  |  | 1,227 |  |  |  | 4,446 |  |  |  | (1,410 | )
|  |  | 332,865 |  |  |  | 168,395 |  |  |  | 262,680 |
Significant Components of Deferred Taxes | The significant components of deferred taxes are as follows:
|  | As of December 31, |
|  | 2022 $ |  |  | 2023 $ |
Deferred tax assets |  |  |  |  |  |
Property and equipment |  |  | 11,039 |  |  |  | 16,094 |
Deferred revenue |  |  | 93,163 |  |  |  | 161,981 |
Unutilized tax losses and unused capital allowances |  |  | 2,049,196 |  |  |  | 2,197,209 |
Provision and accrued expenses |  |  | 58,650 |  |  |  | 74,330 |
Allowance for credit losses |  |  | 41,002 |  |  |  | 56,308 |
Others |  |  | 19,844 |  |  |  | 19,437 |
Valuation allowance |  |  | (2,013,288 | ) |  |  | (2,159,905 | )
Total deferred tax assets |  |  | 259,606 |  |  |  | 365,454 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Property and equipment |  |  | (14,456 | ) |  |  | (7,853 | )
Deferred payment channel costs |  |  | (7,111 | ) |  |  | (24,483 | )
Others |  |  | (2,780 | ) |  |  | (4,290 | )
Total deferred tax liabilities |  |  | (24,347 | ) |  |  | (36,626 | )
Net deferred tax assets |  |  | 235,259 |  |  |  | 328,828 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration