| Schedule of Tax Expense |
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Year ended
February 28,
2021
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Year ended
February 29,
2020
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Year
ended
February 28,
2019
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US$
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US$
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US$
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|
Tax recognised in profit or loss
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Current tax expense
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Current year
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|
4,090,059
|
|
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|
1,592,549
|
|
|
|
—
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Changes in estimates related to prior year
|
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|
543,457
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|
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|
—
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|
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—
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4,633,516
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|
1,592,549
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|
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—
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Deferred tax expense
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Origination of temporary differences
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1,391,928
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1,592,549
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|
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—
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Tax expense
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|
6,348,444
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|
1,592,549
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|
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—
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Reconciliation of effective tax rate
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Profit before income tax
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51,601,156
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15,173,340
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(2,038,075
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)
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|
Income tax using Singapore rate of 17% (2020: 17%)
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|
8,772,196
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2,579,468
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(346,473
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)
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Effect of tax rates in foreign jurisdiction
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918,306
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—
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—
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Non-deductible expenses
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579,122
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31,066
|
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|
3,104
|
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Tax exempt income
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(4,451,909
|
)
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—
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—
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Tax incentives
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|
(12,728
|
)
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(26,524
|
)
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—
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Effect of unused tax losses not
recognised as deferred tax assets
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—
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—
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343,369
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Utilisation of tax losses carried forward
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—
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(372,852
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)
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—
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Utilisation of group tax relief
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—
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(569,143
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)
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—
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Changes in estimates related to prior year
|
|
|
543,457
|
|
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|
—
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—
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Others
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—
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(49,466
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)
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—
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|
6,348,444
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|
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|
1,592,549
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—
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