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Income Taxes
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

Note 9. Income Taxes

 

The Company files income tax returns for TG, ES and ES Metals in the Republic of Colombia. GM&P, Componenti and ESW LLC are U.S. entities based in Florida subject to U.S. federal and state income taxes. The Company, which is a Cayman Islands exempted company, as well as all the other subsidiaries in the Cayman Islands do not currently have any tax obligations.

 

The components of income tax expense are as follows:

 

   2023   2022 
   Three months ended March 31, 
   2023   2022 
Current income tax          
United States  $(3,464)  $(1,102)
Colombia   (21,048)   (11,015)
Panama   (3)   (9)
Total current income tax   (24,515)   (12,126)
Deferred income Tax          
United States   (284)   120 
Colombia   128    1,448 
           
Total deferred income tax   (156)   1,568 
Total income tax provision  $(24,671)  $(10,558)
           
Effective tax rate   33.8%   33.5%

 

The weighted average statutory income tax rate for the three months ended March 31, 2023 and 2022 of 33.8% and 33.5%, respectively, approximate the statutory rate.