INCOME TAXES |
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INCOME TAXES | NOTE 16 - INCOME TAXES
The Corporation was re-domiciled to the Bahamas in 2015. The substantial portion of our operations are generated out of our executive offices in the Bahamas which has no corporate income taxes. We do not have operations subject to income tax in the United States of America.
The effect of the re-domiciliation from Canada to the Bahamas resulted in the expiration of several tax attributes relative to our prior operations in Canada including Canadian research tax credit carry forwards and Canadian loss carry forwards. Canadian research tax credit carry-forwards and Canadian loss carry-forwards expired upon determination of the re-domiciliation by the Canadian federal government amount to $1,686,270 and $55,850,632, respectively.
Nymox recognized no provision (recovery) for federal income taxes for the years ended December 31, 2023, 2022 and 2021.
The following table is a reconciliation of effective tax rate:
As of December 31, 2023, 2022 and 2021, deferred tax assets not recognized were as follows:
Deferred tax assets have not been recognized in respect to these items because it is not probable that future taxable profit will be available against which the Corporation can utilize the benefits therefrom. The generation of future taxable profit is dependent on the successful commercialization of the Corporation’s products and technologies.
The amount of net operating loss carry-forwards for US Federal income tax purposes is USD$7,946,531, and can be used against future profits indefinitely to a maximum of 80% of annual taxable income, if the corporation is successful in commercializing out products. |