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INCOME TAXES | 9 Months Ended
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Dec. 31, 2020
INCOME TAXES |
NOTE 8 - INCOME TAXES | NOTE 8 – INCOME TAXES The Company is subject to taxation in the Russian Federation, Kazakhstan, Kyrgyzstan, Cyprus, Ukraine, Uzbekistan, Germany and the U.S. The tax rates used for deferred tax assets and liabilities as of December 31, 2020, and March 31, 2020, is 21% for the U.S., 20% for the Russian Federation, Kazakhstan, and Kyrgyzstan, 31% for Germany, 12.5% for Cyprus, 18% for Ukraine and 15% for Uzbekistan. Deferred tax assets and liabilities of the Company are comprised of the following:
|  | December 31, 2020 |  |  | March 31, 2020 |
Deferred tax assets: |  |  |  |  |  |
Tax loss carryforwards |  | $ | 670 |  |  | $ | 1,691 |
Accrued liabilities |  |  | 231 |  |  |  | 7 |
Depreciation |  |  | - |  |  |  | 4 |
Valuation allowance |  |  | (670 | ) |  |  | (677 | )
Revaluation on trading securities |  |  | - |  |  |  | 72 |
Deferred tax assets |  | $ | 231 |  |  | $ | 1,097 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Revaluation on trading securities |  | $ | 2,408 |  |  | $ | 513 |
Depreciation |  |  | 659 |  |  |  | - |
Subordinated debt |  |  | 831 |  |  |  | - |
Other liabilities |  |  | 13 |  |  |  | 14 |
Deferred tax liabilities |  | $ | 3,911 |  |  | $ | 527 |
Net deferred tax assets/(liabilities) |  | $ | (3,680 | ) |  | $ | 570 |
During the nine months ended December 31, 2020, and 2019, the effective tax rate was equal to 15.79% and 17.03%, respectively. Tax loss carryforwards as of December 31, 2020, and March 31, 2020, were $670 and $1,691, respectively, and are subject to income tax in the U.S., Russian Federation, 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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