INCOME TAXES |
6 Months Ended |
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Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES |
NOTE 17 – INCOME TAXES
The Company’s effective tax rate for the three months ended April 30, 2022, and 2021 was (23.9) % and (13.9) % respectively. The decrease in the effective tax rate for the three months ended April 30, 2022, as compared to April 30, 2021, resulted from one of the US companies having a taxable loss for the three months. 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 six months ended April 30, 2022, and 2021 was 5.6 % and (13.9) % respectively. The increase in the effective tax rate for the six months ended April 30, 2022, as compared to April 30, 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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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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