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Income taxes (Tables) - MiX Telematics Limited [Member]

12 Months Ended

Mar. 31, 2024

Schedule of components of income before income tax expense

The following table presents domestic and foreign components of income before income tax expense (in thousands):

Schedule of components of income before income tax expense

		As of March 31,
		2023				2024
Domestic (South Africa)		$	14,781			$	6,519
Foreign			(1,814	)			2,531
Income before income tax expense		$	12,967			$	9,050

Schedule of provision for income taxes expense

The following is a summary of the Company’s provision for income taxes for the years ended March 31, 2023 and 2024:

Schedule of provision for income taxes expense

		As of March 31,
		2023				2024
Current tax
Domestic (South Africa)		$	(1,427	)		$	(2,270	)
Foreign federal (1)			10				26
Foreign state (2)			(962	)			(836	)
Total Current			(2,379	)			(3,080	)
Deferred tax
Domestic (South Africa)			(5,448	)			(2,489	)
Foreign federal (1)			(18	)			435
Foreign state (2)			(600	)			(1,331	)
Total deferred			(6,066	)			(3,385	)
Total income tax expense		$	(8,445	)		$	(6,465	)

⁽¹⁾ U.S. Federal taxes

⁽²⁾ U.S. and other foreign state taxes

Schedule of reconciliation of the income tax expense

The following table provides a reconciliation of the income tax expense calculated at the South African statutory tax rate, of 27% (2023 of 27%), to the income tax expense:

Schedule of reconciliation of the income tax expense

		As of March 31,
		2023				2024
Income before income tax expense		$	12,967			$	9,050
Tax at South African statutory rate of 28%			—				—
Tax at South African statutory rate of 27%			3,501				2,443
Tax effect of:
– Income not subject to tax			(38	)			(107	)
–Non-deductible expenses (1)			1,589				2,015
–(Non-taxable)/Non-deductible foreign exchange movements (2)			3,408				769
– Investment in subsidiaries			(127	)			168
– Withholding tax			91				162
–Foreign tax paid (3)			322				281
– Foreign tax rate differential			33				5
–Valuation allowance (4)			(209	)			946
– (Over)/under-provision prior years			152				(97	)
–Tax incentives in addition to cost incurred (5)			(355	)			(344	)
– Transfer pricing imputation			129				127
–  Tax rate change			(174	)			—
– Imputation of controlled foreign company income			91				97
– Other			32				—
Income tax expense		$	8,445			$	6,465

⁽¹⁾ These non-deductible expenses consist primarily of items of a capital nature and costs attributable to exempt income, primarily dividends from subsidiaries.

⁽²⁾ The (non-taxable)/non-deductible foreign exchange movements arise as a result of the Company’s internal loan structures.

⁽³⁾ The foreign tax paid relates primarily to withholding taxes on revenue earned in jurisdictions where the Company does not have a jurisdictional presence.

⁽⁴⁾ The valuation allowance movement relates primarily to deferred taxation assets not recognized on tax losses.

⁽⁵⁾ The tax incentives relate mainly to research and development allowances, as well as learnership allowances received in terms of the South African tax authorities. MiX Telematics International Proprietary Limited (“MiX International”), a subsidiary of the Company, is eligible for a 150% allowance for research and development spend in terms of section 11D of the South African Income Tax Act.

Schedule of net deferred tax liabilities

The Company’s net deferred tax liabilities consist of the following (in thousands):

Schedule of net deferred tax liabilities

		As of March 31,
		2023				2024
Deferred tax assets
Deferred revenue		$	1,175			$	1,505
Capital allowances for tax purposes			1,041				900
Accruals			4,007				3,125
Tax losses			2,220				2,190
Stock based compensation			129				70
Recurring commission liability			353				596
Lease liabilities			441				374
Other			19				20
Gross deferred tax assets			9,385				8,780
Set-off of deferred tax balances			(7,091	)			(7,032	)
Net deferred tax assets before valuation allowance			2,294				1,748
Less valuation allowance			(204	)			(655	)
Net deferred tax assets		$	2,090			$	1,093
Deferred tax liabilities
Capital allowances for tax purposes		$	5,548			$	6,189
Intangible assets			3,661				3,700
Prepaid expenses			335				396
Deferred foreign currency gains			8,077				8,560
Investment in subsidiaries			401				549
Deferred commissions			916				1,231
Lease assets			505				596
Other			5				15
Gross deferred tax liabilities			19,448				21,236
Set-off of deferred tax balances			(7,091	)			(7,032	)
Net deferred tax liabilities			12,357				14,204
Net deferred tax liability		$	(10,267	)		$	(13,111	)
The gross movement in net deferred tax assets/(liabilities) is as follows:
Opening balance		$	(5,204	)		$	(10,267	)
Foreign currency translation			1,507				569
Other comprehensive income			(504	)			(28	)
Statement of Income charge			(6,066	)			(3,385	)
Closing balance		$	(10,267	)		$	(13,111	)

Schedule of corporate tax rates

Deferred tax at year-end has been recognized using the following corporate tax rates:

 Schedule of corporate tax rates

Region		2023				2024
South Africa			27	%			27	%
Australia			30	%			30	%
Brazil			34	%			34	%
Mexico			30	%			30	%
Romania			16	%			16	%
Thailand			20	%			20	%
India			30	%			30	%
Uganda			30	%			30	%
United Arab Emirates			—	%			9	%
United Kingdom			25	%			25	%
United States of America			21	%			21	%
Deferred tax at corporate tax rates			21	%			21	%

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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