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DEFERRED TAX LIABILITIES | 6 Months Ended
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Sep. 30, 2021
DEFERRED TAX LIABILITIES |
NOTE 8 - DEFERRED TAX LIABILITIES | NOTE 8 – DEFFERED TAXES LIABILITIES The Company is subject to taxation in the Russian Federation, Kazakhstan, Kyrgyzstan, Cyprus, Ukraine, Uzbekistan, Germany, Azerbaijan and the United States of America. The tax rates used for deferred tax assets and liabilities as of September 30, 2021, and March 31, 2021, were 21% for the U.S., 20% for the Russian Federation, Kazakhstan, and Kyrgyzstan, 31% for Germany, 12.5% for Cyprus, 18% for Ukraine, 2% for Azerbaijan and 15% for Uzbekistan. Deferred tax assets and liabilities of the Company are comprised of the following:
|  | September 30, 2021 |  |  | March 31, 2021 |
Deferred tax assets: |  |  |  |  |  |
Tax losses carryforward |  | $ | 310 |  |  | $ | 316 |
Accrued liabilities |  |  | 520 |  |  |  | 236 |
Depreciation |  |  | - |  |  |  | 16 |
Revaluation on trading securities |  |  | 415 |  |  |  | - |
Valuation allowance |  |  | (310 | ) |  |  | (316 | )
Deferred tax assets |  | $ | 935 |  |  | $ | 252 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Revaluation on trading securities |  | $ | 4,560 |  |  | $ | 2,546 |
Fixed and Intangible Assets |  |  | 1,769 |  |  |  | 1,568 |
Subordinated debt |  |  | 502 |  |  |  | 523 |
Deferred tax liabilities |  | $ | 6,831 |  |  | $ | 4,637 |
Net deferred tax liabilities |  | $ | (5,896 | ) |  | $ | (4,385 | )
During the six months ended September 30, 2021, and 2020, the effective tax rate was equal to 13.4% and 16.1%, respectively. Tax loss carryforwards as of September 30, 2021, and March 31, 2021, were $310 and $316, respectively, and are subject to income tax in the Ukraine and Uzbekistan.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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