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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

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- 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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
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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.

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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.

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