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INCOME TAXES | 12 Months Ended
--- | ---
Mar. 31, 2023
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company is subject to taxation in the Unites States of America, Russia, Kazakhstan, Azerbaijan, Kyrgyzstan, Germany, Cyprus, Ukraine, United Kingdom, Armenia and Uzbekistan. The tax rates used for deferred tax assets and liabilities for the years ended March 31, 2023 and March 31, 2022, were 21% for the U.S., 20% for Russia, Kazakhstan, 20% for Azerbaijan, 10% for Kyrgyzstan, 31% for Germany, 12.5% for Cyprus, 18% for Ukraine, 25% for United Kingdom, 18% for Armenia and 15% for Uzbekistan. This note is presented excluding the discontinued operations, which is presented separately in Note 30 "Assets and Liabilities Held for Sale". As of March 31, 2023 and March 31, 2022, deferred tax assets and liabilities of the Company were comprised of the following:
| March 31, 2023 |  | March 31, 2022
|  |  | (recast)
Deferred tax assets: |  |  |
Revaluation on trading securities |  |  |
Tax losses carryforward | $ | 1,548 |  |  | $ | 679 |
Accrued liabilities | 933 |  |  | 828 |
Provision for impairment losses | 2,079 |  |  | — |
Stock compensation expenses | — |  |  | — |
Deferred tax assets | $ | 4,560 |  |  | $ | 1,507 |
Deferred tax liabilities: |  |  |
Revaluation on trading securities | $ | 29 |  |  | $ | 210 |
Fixed and Intangible Assets | 2,457 |  |  | — |
Other liabilities | 326 |  |  | 388 |
Deferred tax liabilities | $ | 2,812 |  |  | $ | 598 |
Net deferred tax assets | $ | 2,442 |  |  | $ | 909 |
Net deferred tax liabilities | $ | 694 |  |  | $ | — |
The Company is subject to the U.S. federal income taxes at a rate of 21%. The reconciliation of of the amount computed by multiplying income before provision for income taxes at the 21% income tax rate compared to the Company's income tax expense as reported is as follows:
| Year ended March 31, 2023 |  | Year ended March 31, 2022 |  | Year ended March 31, 2021
|  |  | (recast) |  | (recast)
Income before income tax at 21% | $ | 49,547 |  |  | $ | 76,376 |  |  | $ | 31,879 |
Global intangible low taxed income | 39,139 |  |  | 31,194 |  |  | 18,451 |
Permanent differences | 14,096 |  |  | (2,567) |  |  | (2,160) |
Subpart F Income | 4,732 |  |  | — |  |  | — |
Stock based compensation | 2,039 |  |  | 3,090 |  |  | 348 |
Provision for impairment losses | — |  |  | (13) |  |  | 113 |
Valuation allowance | — |  |  | (316) |  |  | (361) |
Foreign tax rate differential | (13,089) |  |  | (18,544) |  |  | (9,491) |
Foreign tax credit | (18,423) |  |  | (16,200) |  |  | (10,155) |
Nontaxable gains | (35,265) |  |  | (34,450) |  |  | (5,317) |
Income tax expense | $ | 42,776 |  |  | $ | 38,570 |  |  | $ | 23,307 |
As of March 31, 2023, 2022 and 2021, income tax expense was comprised of the following:
| Year ended March 31, 2023 |  | Year ended March 31, 2022 |  | Year ended March 31, 2021
|  |  | (recast) |  | (recast)
Current income tax charge |  |  |  |  |
Federal | 22,387 |  |  | 15,184 |  |  | 7,771 |
Foreign | 21,406 |  |  | 27,381 |  |  | 14,040 |
| 43,793 |  |  | 42,565 |  |  | 21,811 |
Deferred income tax charge |  |  |  |  |
Federal | (2,606) |  |  | (2,191) |  |  | 1,752 |
Foreign | 1,589 |  |  | (1,804) |  |  | (256) |
| (1,017) |  |  | (3,995) |  |  | 1,496 |
Income tax expense | $ | 42,776 |  |  | $ | 38,570 |  |  | $ | 23,307 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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