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INCOME TAXES
 12 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Group is subject to taxation in Kazakhstan, Kyrgyzstan, Cyprus, Uzbekistan, Germany, Tajikistan, Turkey, the United Arab Emirates, the United Kingdom and the United States of America.
The tax rates used for deferred tax assets and liabilities for the years ended March 31, 2024 and March 31, 2023, were 21% for the United States, 20% for Kazakhstan and Azerbaijan, 18% for Tajikistan, 10% for Kyrgyzstan, 31% for Germany, 12.5% for Cyprus, 25% for Turkey, 25% for United Kingdom, 9% United Arab Emirates, 18% for Armenia and 15% for Uzbekistan.
As of March 31, 2024 and March 31, 2023, deferred tax assets and liabilities of the Company were comprised of the following:
Year ended March 31, 2024
Year ended March 31, 2023
Deferred tax assets:
Revaluation on trading securities$454 $— 
Tax losses carryforward3,809 1,548 
Accrued liabilities— 933 
Provision for impairment losses8,210 2,079 
Deferred tax assets$12,473 $4,560 
Deferred tax liabilities:
Revaluation on trading securities$1,447 $29 
Fixed and Intangible Assets7,535 2,457 
Other liabilities335 326 
Deferred tax liabilities$9,317 $2,812 
Net deferred tax assets$3,222 $2,442 
Net deferred tax liabilities$66 $694 
The Company is subject to the U.S. federal income taxes at a rate of 21%. The reconciliation 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, 2024Year ended March 31, 2023Year ended March 31, 2022
 
Income before income tax at 21%$91,428 $49,547 $76,376 
Global intangible low taxed income60,323 39,139 31,194 
Permanent differences58,872 14,096 (2,567)
Subpart F Income6,887 4,732 — 
Stock based compensation4,601 2,039 3,090 
Provision for impairment losses— — (13)
Valuation allowance— — (316)
Foreign tax rate differential(17,665)(13,089)(18,544)
Foreign tax credit(14,915)(18,423)(16,200)
Nontaxable gains(129,112)(35,265)(34,450)
Income tax expense$60,419 $42,776 $38,570 
As of March 31, 2024 and 2023, income tax expense was comprised of the following:
 Year ended March 31, 2024Year ended March 31, 2023Year ended March 31, 2022
Current income tax charge
Federal34,623 22,387 15,184 
Foreign24,573 21,406 27,381 
59,196 43,793 42,565 
Deferred income tax charge
Federal3,695 (2,606)(2,191)
Foreign(2,472)1,589 (1,804)
1,223 (1,017)(3,995)
Income tax expense$60,419 $42,776 $38,570 
During the years ended March 31, 2024, March 31, 2023 and March 31, 2022, the Company realized net income before income tax $435,371, $235,938 and $363,693, respectively. During the same periods, the Company's effective tax rate was equal to 13.9%, 18.1% and 10.6%, respectively. Tax years ended from March 31, 2024 to March 31, 2020 are remains subject to examination by major tax jurisdictions.
Income before income taxes includes the following components:
 Year ended March 31, 2024Year ended March 31, 2023Year ended March 31, 2022
United States$(66,053)$(26,383)$(8,012)
Foreign501,424 262,321 371,705 
Net income before income tax$435,371 $235,938 $363,693 
As of March 31, 2024, the Company had undistributed earnings of certain foreign subsidiaries of $801,099. The Company intends to reinvest its foreign earnings indefinitely in the non-U.S. operations and therefore has not provided for any non-U.S. withholding tax that would be assessed on dividend distributions. The determination of the U.S. state income taxes upon a potential foreign earnings distribution is impractical. In the event the earnings were distributed to the U.S., the Company would adjust its income tax provision for the period and would determine the amount of foreign tax credit that would be available.
Tax loss carryforwards as of March 31, 2024 and March 31, 2023, was $30,472 and $12,384, respectively, in Cyprus.