INCOME TAXES |
9 Months Ended |
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Jul. 31, 2024 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES |
NOTE 14 – INCOME TAXES
The Company’s tax rate may vary depending on the composition of its revenue in the reporting period (percentage of consolidated revenue attributable to the Company and its US subsidiaries and percentage attributable to the Company’s foreign subsidiaries). Our effective consolidated tax rate for the three-months ended July 31, 2024, is higher than the U.S. statutory Federal tax rate of 21.0% resulting from the composition of our taxable income from each jurisdiction. We pay Danish tax at a tax rate of 22% in respect of our Danish subsidiary. We also pay Global Intangible Low Taxed Income (GILTI) tax in the United States based upon our foreign operations, which tax is over and above the statutory tax rate. We get to offset a portion of the Danish tax we pay against the U.S. GILTI tax. Regarding our U.K. subsidiaries, we have R&D tax credits that currently completely offset our income tax liabilities in the U.K. We accrue both Federal and state income taxes in the U.S., as well as our liability for the GILTI tax. The composition of our taxable income in the various jurisdictions affects the calculation of our global tax liabilities. In addition, the timing of recognizing revenues and expenses for income tax purposes affects our effective tax rates.
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