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Deferred Tax and Income Tax | 12 Months Ended
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Jun. 30, 2023
Deferred Tax and Income Tax [Abstract] |
Deferred tax and income tax | Note 21. Deferred tax and income tax The roll forward of net deferred tax as of June 30, 2023, 2022, 2021 and 2020 is as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Balance at beginning of year |  | $ | - |  |  |  | - |  |  |  | - |  |  |  | - |
Incorporated through the business combination |  |  | 1,297,436 |  |  |  | - |  |  |  | - |  |  |  | - |
Credited to profit & loss |  |  | (234,542 | ) |  |  | - |  |  |  | - |  |  |  | - |
Charged to Other Comprehensive Income |  |  | 8,913 |  |  |  | - |  |  |  | - |  |  |  | - |
Balance at year end |  | $ | 1,071,807 |  |  |  | - |  |  |  | - |  |  |  | - |
Principal statutory taxes rates in the countries where the Group operates for all the years presented are:
|  | Income tax rate |
Tax Jurisdiction |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Argentina |  |  | 25%-35 | % |  |  | - |  |  |  | - |  |  |  | - |
Luxembourg |  |  | 15 | % |  |  | - |  |  |  | - |  |  |  | - |
United Kingdom |  |  | 19 | % |  |  | 19 | % |  |  | 19 | % |  |  | 19 | %
United States of America |  |  | 21 | % |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Reconciliation of effective tax rate The Group’s reconciliation of the effective tax rate is based on its domestic tax rate, with a reconciling item in respect of tax rates applied by Group companies in other jurisdictions. The tax rate used for 2023 represents the corporate tax rate of 15% from Luxembourg on the taxable income payable by the Group, in accordance with the tax laws of said jurisdiction. Income tax for other jurisdictions is calculated based on the substantially enacted nominal tax rates prevailing in the respective jurisdictions.
|  | As of June 30, 2023 |  |  | As of June 30, 2022 |  |  | As of June 30, 2021 |  |  | As of December 30, 2020 |
Loss before tax |  | $ | (52,023,422 | ) |  |  | (4,526,905 | ) |  |  | (1,986,814 | ) |  |  | (320,524 | )
Corporate tax rate |  |  | 15 | % |  |  | 19 | % |  |  | 19 | % |  |  | 19 | %
Income tax (benefit)/expense |  |  | 7,803,513 |  |  |  | 860,112 |  |  |  | 377,495 |  |  |  | 60,900 |
Effect of difference tax rates subsidiaries operating in other jurisdictions |  |  | 428,506 |  |  |  | - |  |  |  | - |  |  |  | - |
Tax losses (i) |  |  | (1,631,947 | ) |  |  | (860,112 | ) |  |  | (377,495 | ) |  |  | (60,900 | )
Non-deductible expenses - listing cost |  |  | (6,405,759 | ) |  |  | - |  |  |  | - |  |  |  | - |
Net gain on inflation effect on monetary items |  |  | 52,914 |  |  |  | - |  |  |  | - |  |  |  | - |
Income tax inflation adjustment |  |  | (35,826 | ) |  |  | - |  |  |  | - |  |  |  | - |
Others |  |  | 23,141 |  |  |  | - |  |  |  | - |  |  |  | - |
Tax benefit for the year |  |  | 234,542 |  |  |  | - |  |  |  | - |  |  |  | - |
| (i) | Deferred tax assets have not been recognized, because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom.
Deferred tax Deferred tax assets and liabilities are recognized when the carrying amount of an asset or liability in the Consolidated statement of financial position differs from its tax base, except for differences arising on the initial recognition of goodwill. Net deferred tax liabilities are comprised of the following amounts:
|  | As of June 30, 2023 |  |  | As of June 30, 2022 |
Deferred tax asset |  |  |  |  |  |
Tax loss carry-forward |  |  | 292,267 |  |  |  | - |
Total other receivables |  | $ | 292,267 |  |  |  | - |
Deferred tax liability |  |  |  |  |  |  |  |
Customer relationship |  |  | 1,346,374 |  |  |  | - |
Other tax liabilities |  |  | 17,700 |  |  |  |  |
Total deferred tax liability |  | $ | 1,364,074 |  |  |  | - |
Net deferred tax liability |  | $ | 1,071,807 |  |  |  | - |
The following table shows the expiration date of the recognized accumulated tax loss carryforwards pursuant to statutes of limitations:
Fiscal year |  | Tax-loss carry forward |  |  | Deferred tax asset |  |  | Expiration date |  |  | Tax jurisdiction
2022 |  |  | 10,980 |  |  |  | 3,843 |  |  |  | 2027 |  |  | Argentina
2023 |  |  | 824,069 |  |  |  | 288,424 |  |  |  | 2028 |  |  | Argentina
Total |  |  | 835,049 |  |  |  | 292,267 |  |  |  |  |  |  |
Unrecognized deferred tax assets As of June 30, 2023 and 2022 deferred tax assets relating to the operating company in the UK, Luxembourg, Argentina (Moolec Science S.E.) and United States of America aren’t recognized because it is not probable that future taxable amounts will be available to utilize those temporary differences and losses. Therefore, in the present Consolidated Financial Statements, the Company decided not to recognize deferred income tax assets generated by the tax loss carry forward for the periods ended on June 30, 2023 and 2022 for the amounts of $1,631,947 and $ 860,112 respectively. Deferred tax assets have not been recognized in respect of the following items, because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom:
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Tax losses per country |  | Gross amount |  |  | Tax effect |  |  | Gross amount |  |  | Tax effect |  |  | Gross amount |  |  | Tax effect |  |  | Gross amount |  |  | Tax effect |
United Kingdom |  |  | 3,641,516 |  |  |  | 691,888 |  |  |  | 4,526,905 |  |  |  | 860,112 |  |  |  | 1,986,814 |  |  |  | 377,495 |  |  |  | 320,524 |  |  |  | 60,900 |
Luxembourg |  |  | 3,267,560 |  |  |  | 620,837 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Argentina |  |  | 1,484,790 |  |  |  | 282,110 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
United States of America |  |  | 195,328 |  |  |  | 37,112 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  |  | 8,589,194 |  |  |  | 1,631,947 |  |  |  | 4,526,905 |  |  |  | 860,112 |  |  |  | 1,986,814 |  |  |  | 377,495 |  |  |  | 320,524 |  |  |  | 60,900 |

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