|12 Months Ended|
Dec. 31, 2015
|Notes to Financial Statements|
|Note 11 - Income Taxes||
The Company has estimated net operating losses for the years ended December 31, 2015 and 2014 of $8,774,691 and $7,141,271, respectively, available to offset taxable income in future years.
The Company is subject to Singapore income taxes at a rate of 17 percent, Belgium income taxes at a rate of 34 percent, UK taxes at a rate of 20.25 percent and U.S. taxes at a rate of 35 percent, for a weighted average of 26 and 32 percent, respectively. The reconciliation of the provision for income taxes at the weighted average rate compared to the Company's income tax expense as reported is as follows:
The significant components of deferred income taxes and assets as at December 31, 2015 are as follows:
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/presentationRef