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DEFERRED TAX LIABILITIES | 3 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Deferred Tax Liabilities | DEFERRED TAX LIABILITIES The Company is subject to taxation in the Russian Federation, Kazakhstan, Kyrgyzstan, Cyprus, Ukraine, Uzbekistan, Germany, Azerbaijan United Kingdom, Armenia and the United States of America. The tax rates used for deferred tax assets and liabilities as of December 31, 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, 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 26 "Assets and Liabilities Held for Sale". Deferred tax assets and liabilities of the Company are comprised of the following:
| December 31, 2021 |  | March 31, 2021
| (Recast) |  | (Recast)
Deferred tax assets: |  |  |
Tax losses carryforward | $ | 305 |  |  | $ | 316 |
Accrued liabilities | 97 |  |  | 109 |
Depreciation | 16 |  |  | 16 |
Revaluation on trading securities | — |  |  | — |
Valuation allowance | (305) |  |  | (316) |
Deferred tax assets | $ | 113 |  |  | $ | 125 |
Deferred tax liabilities: |  |  |
Revaluation on trading securities | $ | 978 |  |  | $ | 2,041 |
Fixed and intangible assets | 621 |  |  | 1,568 |
Subordinated debt | — |  |  | 523 |
Deferred tax liabilities | $ | 1,599 |  |  | $ | 4,132 |
Net deferred tax liabilities | $ | (1,486) |  |  | $ | (4,007) |
During the nine months ended December 31, 2021, and 2020, the effective tax rate was equal to 11.1% and 13.2%, respectively. Net operating loss carryforwards as of December 31, 2021, and March 31, 2021, were $305 and $2,104, respectively, and are subject to income tax in 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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