TAXATION (Tables)

12 Months Ended

Dec. 31, 2022

TAXATION [Abstract]

Income Tax Expense

Income tax expense comprises:

	Year ended December 31,
	2020 $			2021 $			2022 $
Current income tax		117,649			289,998			272,070
Deferred tax		(27,451	)		(975	)		(140,553	)
Withholding tax expense		51,442			43,842			36,878
		141,640			332,865			168,395

Reconciliation of Income Tax at Statutory Corporate Income Tax Rate

The reconciliation of tax computed by applying the tax rate of 17% which is also the statutory corporate income tax rate for its Singapore’s corporate office for the years ended December 31, 2020, 2021 and 2022 is as follows:

	Year ended December 31,
	2020 $			2021 $			2022 $
Loss before income tax and share of results of equity investees		(1,483,238	)		(1,715,184	)		(1,500,533	)
Tax expense computed at tax rate of 17%		(252,150	)		(291,581	)		(255,091	)
Changes in valuation allowance		403,329			828,141			389,129
Non-deductible expenses		9,554			19,569			28,397
Effect of concessionary tax rate and tax reliefs		(82,951	)		(183,962	)		(117,558	)
Withholding tax expense		51,442			43,842			36,878
Foreign earnings at different tax rates		15,103			(82,388	)		85,204
Others		(2,687	)		(756	)		1,436
		141,640			332,865			168,395

Significant Components of Deferred Taxes

The significant components of deferred taxes are as follows:

	As of December 31,
	2021 $			2022 $
Deferred tax assets
Property and equipment		3,290			11,039
Deferred revenue		145,003			93,163
Unutilized tax losses and unused capital allowances		1,690,773			2,049,196
Provision and accrued expenses		28,807			58,650
Allowance for credit losses		13,012			41,002
Others		7,811			19,844
Valuation allowance		(1,768,957	)		(2,013,288	)
Total deferred tax assets		119,739			259,606
Deferred tax liabilities
Property and equipment		(6,949	)		(14,456	)
Intangible assets		(1,174	)		(1,292	)
Deferred channel costs		(13,783	)		(7,111	)
Others		(1,070	)		(1,488	)
Total deferred tax liabilities		(22,976	)		(24,347	)
Net deferred tax assets		96,763			235,259