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9. Deferred Tax Assets | 12 Months Ended
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Mar. 31, 2019
Deferred Tax Assets, Net [Abstract] |
Deferred Tax Assets | The Company is subject to taxation in the Russian Federation, Kazakhstan, Kyrgyzstan, Cyprus, Ukraine, Uzbekistan, Germany and the United States of America. The tax rates used for deferred tax assets and liabilities for the years ended March 31, 2019 and 2018, is 21% for the U.S., 20% for the Russian Federation, Kazakhstan, Kyrgyzstan, 31% for Germany, 12.5% for Cyprus, 18% for Ukraine and 12% for Uzbekistan. Deferred tax assets and liabilities of the Company are comprised of the following:
|  | March 31, 2019 |  | March 31, 2018 (Recast)
Deferred tax assets: |  |  |  |
Tax losses carryforward |  | $ 2,376 |  | $ 3,050
Revaluation on trading securities |  | 2,095 |  | 88
Accrued liabilities |  | 35 |  | 49
Stock compensation expenses |  | - |  | 405
Valuation allowance |  | (3,241) |  | (2,433)
Deferred tax assets |  | $ 1,265 |  | $ 1,159
Deferred tax liabilities: |  |  |  |
Revaluation on trading securities |  | $ - |  | $ 387
Deferred tax liabilities |  | $ - |  | $ 387
Net deferred tax assets |  | $1,265 |  | $ 772
The Company is subject to the U.S. federal income taxes at a rate of 21%. The reconciliation of the provision for income taxes at the 21% tax rate compared to the Company’s income tax expense as reported is as follows:
|  | Year ended March 31, 2019 |  | Year ended March 31, 2018 (Recast)
Profit before tax at 21% and 34% |  | $ 1,788 |  | $ 6,329
Nontaxable gains |  | (3,811) |  | (7,129)
Provision for impairment losses |  | 386 |  | 81
Impact of Tax Reform |  | - |  | 190
Foreign tax rate differential |  | (1,211) |  | 30
Other differences |  | 418 |  | 439
Permanent differences |  | 430 |  | -
Global Intangible Low Taxed Income |  | 573 |  | -
Stock based compensations |  | 309 |  | -
Losses carried forward adjustment |  | 1,678 |  | -
Valuation allowance |  | 808 |  | 478
Income tax provision |  | $ 1,368 |  | $ 418
The income tax expense comprises:
|  | Year ended March 31, 2019 |  | Year ended March 31, 2018 (Recast)
Current income tax charge |  | $ 1,817 |  | $ 131
Deferred income tax charge/(benefit) |  | (449) |  | 287
Income tax provision |  | $ 1,368 |  | $ 418
During the years ended March 31, 2019 and 2018, the Company realized net income before income tax of $8,515 and $18,615, respectively. During the same periods, the Company’s effective tax rate was equal to 16.07% and 2.25%, respectively. This increase in income tax expense despite lower income before income taxes was primarily attributable to a $20,432 increase in commissions earned by Freedom CY during the fiscal year ended March 31, 2019. Tax losses carryforward as of March 31, 2019 was $ 2,376 and is subject to income tax in US, Russia, Ukraine and Uzbekistan.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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