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INCOME TAX EXPENSE
 12 Months Ended
Dec. 31, 2023
Notes and other explanatory information [abstract]  
INCOME TAX EXPENSE

NOTE 29 — INCOME TAX EXPENSE

 

The Group is subject to income taxes in the countries of Indonesia, Singapore, New Zealand, United States, United Kingdom and South Africa.

 

The provision for income taxes consists of the following provisions (benefits):

 

   2023   2022   2021 
  

Years ended December 31,

 
   2023   2022   2021 
Current tax:               
Current tax on profits for the year  $32,115   $220,570    - 
Total Current tax   32,115    220,570    - 
Deferred income tax:               
(Increase) decrease in deferred tax assets   -    29,240    (29,230)
Decrease in deferred tax liabilities   (1,110,801)   (1,313,406)   (99,622)
 Deferred income tax   (1,110,801)   (1,284,166)   (128,852)
Benefit from income taxes  $(1,078,686)  $(1,063,596)   (128,852)

 

The provision for income taxes by country consists of the following provisions (benefits):

 

   INDONESIA   NEW ZEALAND   SINGAPORE   SOUTH AFRICA   UK   USA   CONSOLIDATED 
                             
Current Expense                                   
State                            200    200 
Foreign  $-   $(6,050)  $-   $(2,802)  $40,767   $-   $31,915 
Total Current Tax Expense   -    (6,050)   -    (2,802)   40,767    200    32,115 
                                    
Deferred Expense                                   
Federal   -    -    -    -    -    (706,102)   (706,102)
State   -    -    -    -    -    (131,487)   (131,487)
Foreign   -    (83,410)   -    11,044    (200,846)   -    (273,212)
Total Deferred Tax Expense   -    (83,410)   -    11,044    (200,847)   (837,589)   (1,110,801)
                                    
(Benefit from) Provision for Income Taxes  $-   $(89,460)  $-   $8,242   $(160,079)  $(837,389)  $(1,078,686)

 

The reconciliation of income taxes at the statutory rate of Singapore to the effective tax rates for the years ended December 31, 2023 and 2022 is as follows:

 

   2023   2022   2021 
  

Year ended December 31,

 
   2023   2022   2021 
Loss from continuing operations before provision for income taxes  $(6,208,871)  $(56,315,143)   (4,681,050)
Tax at the Singapore rate of 17%   (1,055,508)   (9,573,574)   (785,069)
Reconciling items:               
Permanent differences   (2,380,272)   5,867,054    31,272 
Current period net operating losses not recognised as a deferred tax asset   1,600,731    3,019,483    743,997 
Rate differential – non-Singapore entities   (183,113)   (736,092)   (55,045)
Other deferred tax activity   939,476    359,533)   (64,007)
Benefit from income taxes  $(1,078,686)  $(1,063,596)   (128,852)