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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax

The components of income before income taxes are as follows:

		Year ended March 31,
		2015				2016				2017
		$				$				$
Hong Kong			1,104				1,361				513
China			173				146				248
			1,277				1,507				761

Schedule of provision for income taxes

The provision for income taxes consists of the following:

		Year ended March 31,
		2015				2016				2017
		$				$				$
Hong Kong
Current tax			78				143				103
Deferred tax			(12	)			–				–
			66				143				103
China
Current tax			68				100				133
			134				243				236

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation between the provision for income taxes computed by applying the Hong Kong profits tax rate to profit before income taxes, the actual provision for income taxes is as follows:

		Year ended March 31,
		2015				2016				2017
		%				%				%
Profits tax rate in Hong Kong			16.5				16.5				16.5
Non-deductible items/non-taxable income (Note)			1.5				9.7				15.2
Changes in valuation allowances			(1.6	)			(6.8	)			(5.9	)
Overprovision of profits tax in prior year			(3.8	)			(0.2	)			(0.5	)
Effect of different tax rate of subsidiaries operating in other jurisdictions			(2.8	)			0.8				2.8
Others			0.6				(4.0	)			2.9
Effective tax rate			10.4				16.0				31.0

Note: Amount primarily represents non-deductible social costs and administrative expenses incurred by Nissin Metal and Plastic (Shenzhen) Company Limited and Highway Holdings.

Schedule of deferred tax assets and liabilities

Deferred income tax (assets) liabilities are as follows:

		As of March 31,
		2016				2017
		$				$
Deferred tax liability:
Property, plant and equipment			34				33
Deferred tax asset:
Tax loss carryforwards			(614	)			(568	)
Valuation allowance			612				567
Total net deferred tax asset			(2	)			(1	)
Net deferred tax liability			32				32

Schedule of valuation allowance

Movement of valuation allowances are as follows:

		Year ended March 31,
		2015				2016				2017
		$				$				$
At the beginning of the year			803				722				612
Changes in prior year tax losses carry forward			(60	)			(8	)			-
Current year reduction			(21	)			(102	)			(45	)
At the end of the year			722				612				567

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-SubTopic 10
-Section 50
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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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-Publisher FASB
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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