INCOME TAXES

3 Months Ended

Mar. 31, 2021

NOTE 6 – INCOME TAXES

The (benefit)/provision for income taxes for the periods ended March 31, 2021 and December 31, 2020 differ from the amount which would be expected as a result of applying the statutory tax rates to the losses before income taxes due primarily to changes in the valuation allowance to fully reserve net deferred tax assets.

Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry-forwards are expected to be available to reduce taxable income.


	March 31,		December 31,
	2021		2020
	(Unaudited)		(Audited)
	$		$
Deferred tax assets:
Pre-tax loss as reported	(816,741)		(803,194)
U.S. statutory tax rate	21	%	21	%
Expected tax expense (benefit)	171,516		168,671
Total deferred tax assets	171,561		168,671
Less: Valuation allowance	171,561		168,671
Net deferred tax assets	—		—

The Company has provided a valuation allowance against the full amount of the deferred tax asset due to management’s uncertainty about its realization. As of March 31, 2021, the Company had approximately $816,741 in tax loss carryforwards that can be utilized future periods to reduce taxable income, and expire by the year 2041.

- 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.

+ References + Details

Bio-En Holdings Corp. 10-Q