Income Taxes

9 Months Ended

Sep. 30, 2020

NOTE 11 – INCOME TAXES

The Company is subject to federal taxes in the United States (tax rate of 21%), state taxes in Nevada, foreign taxes for Migom Bank in Dominica (tax rate of 27%), and foreign taxes for Central in Hong Kong (tax rate of 8.25%).

USA

The Company did not recognize any deferred tax assets or liabilities as of September 30, 2020 and December 31, 2019.

A reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of income before income taxes is as follows:

	Nine months ended September 30, 2020

Federal statutory income tax rate		21.0	%
Increase (reduction) in income tax provision resulting from:
Preferential taxation		(21.0	)%
Effective income tax rate		0.0	%

Hongkong

Central was incorporated under the Hong Kong tax laws. The statutory income tax rate is 8.25%. Subsidiaries in Hong Kong are exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

- 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

Migom Global Corp. 10-Q