| Income Tax expense |
25 Income Tax expense
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Year ended
February 28,
2022
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Year ended
February 28,
2021
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Year ended
February 29,
2020
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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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—
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|
4,090,059
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|
1,592,549
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|
Under provision in prior year
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|
88,588
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|
543,457
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—
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88,588
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4,633,516
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1,592,549
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Deferred tax expense
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Origination of temporary differences
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1,049,973
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1,714,928
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—
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1,049,973
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1,714,928
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—
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Income tax expense
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1,138,561
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6,348,444
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1,592,549
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Reconciliation of effective tax rate
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Profit before income tax
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34,562,090
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51,601,156
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15,173,340
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Income tax using Singapore rate of 17% (2020: 17%)
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5,875,555
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8,772,196
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2,579,468
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Effect of tax rates in foreign jurisdiction
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(20,802
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)
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918,306
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—
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Non-deductible expenses
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2,232,578
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579,122
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31,066
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Tax exempt income
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(6,978,875
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)
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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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(58,483
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)
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(12,728
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)
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(26,524
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)
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Utilisation of tax losses carried forward
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—
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—
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(372,852
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)
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Utilisation of group tax relief
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—
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—
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(569,143
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)
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Under provision in prior year
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88,588
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543,457
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—
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Others
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—
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—
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(49,466
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)
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1,138,561
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6,348,444
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1,592,549
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