Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Tax expense

v3.22.0.1
Tax expense
12 Months Ended
Feb. 28, 2021
Major Components Of Tax Expense Income [Abstract]  
Tax expense

23

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.