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Deferred Tax Assets | 6 Months Ended
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Sep. 30, 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 as of September 30, 2019 and March 31, 2019 is 21% for the U.S., 20% for the Russian Federation and Kazakhstan, 31% for Germany, 12.5% for Cyprus, 18% for Ukraine, 12% for Uzbekistan and 10% for Kyrgyzstan. Deferred tax assets and liabilities of the Company are comprised of the following:
|  | September 30, 2019 |  |  | March 31, 2019 |
Deferred tax assets: |  |  |  |  |  |
Tax losses carryforward |  | $ | 3,027 |  |  | $ | 2,376 |
Revaluation on trading securities |  |  | 53 |  |  |  | 2,095 |
Accrued liabilities |  |  | 60 |  |  |  | 35 |
Valuation allowance |  |  | (2,401 | ) |  |  | (3,241 | )
Deferred tax assets |  | $ | 739 |  |  | $ | 1,265 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Revaluation on trading securities |  | $ | 140 |  |  | $ | - |
Deferred tax liabilities |  | $ | 140 |  |  | $ | - |
Net deferred tax assets |  | $ | 599 |  |  | $ | 1,265 |
During the six months ended September 30, 2019 and 2018, the Company’s effective tax rate was equal to 20.5% and 11.2%, respectively. The increase in effective tax rate was primarily attributable to U.S. state taxes on non-U.S. earnings which are not offset by tax credits.

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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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