| Tax expense |
|
|
|
Year ended
February 28,
2021
|
|
|
Year ended
February 29,
2020
|
|
|
Year
ended
February 28,
2019
|
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
Tax recognised in profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current year
|
|
|
4,090,059
|
|
|
|
1,592,549
|
|
|
|
—
|
|
|
Changes in estimates related to prior year
|
|
|
543,457
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
4,633,516
|
|
|
|
1,592,549
|
|
|
|
—
|
|
|
Deferred tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination of temporary differences
|
|
|
1,391,928
|
|
|
|
1,592,549
|
|
|
|
—
|
|
|
Tax expense
|
|
|
6,348,444
|
|
|
|
1,592,549
|
|
|
|
—
|
|
|
Reconciliation of effective tax rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax
|
|
|
51,601,156
|
|
|
|
15,173,340
|
|
|
|
(2,038,075
|
)
|
|
Income tax using Singapore rate of 17% (2020: 17%)
|
|
|
8,772,196
|
|
|
|
2,579,468
|
|
|
|
(346,473
|
)
|
|
Effect of tax rates in foreign jurisdiction
|
|
|
918,306
|
|
|
|
—
|
|
|
|
—
|
|
|
Non-deductible expenses
|
|
|
579,122
|
|
|
|
31,066
|
|
|
|
3,104
|
|
|
Tax exempt income
|
|
|
(4,451,909
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Tax incentives
|
|
|
(12,728
|
)
|
|
|
(26,524
|
)
|
|
|
—
|
|
|
Effect of unused tax losses not
recognised as deferred tax assets
|
|
|
—
|
|
|
|
—
|
|
|
|
343,369
|
|
|
Utilisation of tax losses carried forward
|
|
|
—
|
|
|
|
(372,852
|
)
|
|
|
—
|
|
|
Utilisation of group tax relief
|
|
|
—
|
|
|
|
(569,143
|
)
|
|
|
—
|
|
|
Changes in estimates related to prior year
|
|
|
543,457
|
|
|
|
—
|
|
|
|
—
|
|
|
Others
|
|
|
—
|
|
|
|
(49,466
|
)
|
|
|
—
|
|
|
|
|
|
6,348,444
|
|
|
|
1,592,549
|
|
|
|
—
|
|
As of February 28, 2019, the Group had unutilised tax losses amounted to approximately US$2,000,000 for which no deferred tax asset was recognised in view of the uncertainty of its recoverability. The unutilised tax losses can be carried forward for unlimited period subject to conditions imposed by law.
As of February 29, 2020, the Group has utilised the tax losses carried forward from prior period and group tax relief provided by its intermediate holding company at that point, Antanium Global Pte. Ltd.
|