INCOME TAXES |
9 Months Ended |
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Jul. 31, 2022 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES |
NOTE 17 – INCOME TAXES
The Company’s effective tax rate for the three months ended July 31, 2022, and 2021 was 13.4 % and (15.2) % respectively. The increase in the effective tax rate for the three months ended July 31, 2022, as compared to July 31, 2021, resulted from the US companies becoming tax paying entities having used up their net operating loss carryforwards. We have been recording the US tax rate of 21% for the US companies. We have been recording the UK tax rate at 0.0% as we believe our R&D tax credits will offset any tax liability incurred.
The Company’s effective tax rate for the nine months ended July 31, 2022, and 2021 was 9.6 % and (14.2) % respectively. The increase in the effective tax rate for the nine months ended July 31, 2022, as compared to July 31, 2021, resulted from the US companies becoming tax paying entities having used up their net operating loss carryforwards. We have been recording the US tax rate of 21% for the US companies. We have been recording the UK tax rate at 0.0% as we believe our R&D tax credits will offset any tax liability incurred.
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