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9. Deferred Tax Assets | 12 Months Ended
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Mar. 31, 2018
Deferred Tax Assets, Net [Abstract] |
Deferred Tax Assets | The Company is subject to taxation in the Russian Federation, Kazakhstan, Kyrgyzstan, Cyprus, Ukraine, Uzbekistan and the United States of America. The tax rates used for deferred tax assets and liabilities for the years ended March 31, 2018 and 2017, is the 34% for the US and 20% for the Russian Federation, Kazakhstan, Kyrgyzstan, Ukraine and Uzbekistan. Deferred tax assets and liabilities of the Company are comprised of the following:
|  | March 31, 2018 |  |  | March 31, 2017 (Recast) |
Deferred tax assets: |  |  |  |  |  |
Tax losses carryforward |  | $ | 2,937 |  |  | $ | 2,398 |
Accrued liabilities |  |  | 49 |  |  |  | 20 |
Revaluation on trading securities |  |  | 88 |  |  |  | 76 |
Stock compensation expenses |  |  | 405 |  |  |  | - |
Valuation allowance |  |  | (2,433 | ) |  |  | (1,468 | )
Deferred tax assets |  | $ | 1,046 |  |  | $ | 1,026 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Revaluation on trading securities |  | $ | 387 |  |  | $ | - |
Deferred tax liabilities |  | $ | 387 |  |  | $ | - |
Net deferred tax assets |  | $ | 659 |  |  | $ | 1,026 |
The Company is subject to the US state income taxes at a rate of 34%. The reconciliation of the provision for income taxes at the 34% tax rate compared to the Company’s income tax expense as reported is as follows:
|  | Year ended March 31, 2018 |  |  | Year ended March 31, 2017 (Recast) |
Profit before tax at 34% |  | $ | 6,702 |  |  | $ | 2,321 |
Nontaxable gains |  |  | (7,129 | ) |  |  | (6,114 | )
Provision for impairment losses |  |  | 81 |  |  |  | - |
Impact of Tax Reform |  |  | 190 |  |  |  | - |
Foreign tax rate differential |  |  | 30 |  |  |  | 288 |
Other differences |  |  | 127 |  |  |  | 2,189 |
Valuation allowance |  |  | 478 |  |  |  | 792 |
Income tax provision/(benefit) |  | $ | 479 |  |  | $ | (524 | )
The income tax expense comprises:
|  | Year ended March 31, 2018 |  |  | Year ended March 31, 2017 (Recast) |
Current income tax charge |  | $ | 131 |  |  | $ | 543 |
Deferred income tax charge/(benefit) |  |  | 348 |  |  |  | (1,067 | )
Income tax provision/(benefit) |  | $ | 479 |  |  | $ | (524 | )
During the year ended March 31, 2018 and 2017, the effective tax rate was equal to 2.43% and (9.08%), respectively, primarily due to non-taxable gains on trading securities in Freedom KZ in the amounts of $20,346 and $17,983, respectively. During the year ended March 31, 2018, the Company realized net income before income tax of $19,712, primarily from non-taxable revenues generated from the Company’s Freedom KZ’s trading operations. This resulted in the Company realizing an income tax expense for the year ended March 31, 2018 of $479. During the year ended March 31, 2017, the Company realized net income before income tax of $5,772 primarily from non-taxable revenues generated from Freedom KZ’s trading operations resulting in an income tax benefit of $524. Tax losses carryforward as of March 31, 2018 comprises $ 2,937 and subject to income tax in Russia, Kazakhstan and Cyprus. US tax reform enacted on December 22, 2017, lowered the US tax rate which will reduce tax expenses of the Company.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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