Income taxes

6 Months Ended

Sep. 30, 2022

Income Tax [Abstract]

Income taxes

12. Income taxes:

For the six months ended September 30, 2021, the difference between the effective statutory tax rate of 31% and the effective tax rate of 42.8% was mainly due to an increase of the valuation allowance of foreign subsidiaries, whereas non-taxable revenues decreased the effective tax rate.

For the three months ended September 30, 2021, the difference between the effective statutory tax rate of 31% and the effective tax rate of 70.3% was mainly due to an increase of non-deductible expenses, whereas non-taxable revenues decreased the effective tax rate.

For the six months ended September 30, 2022, the difference between the effective statutory tax rate of 31% and the effective tax rate of 60.3% was mainly due to an increase of the valuation allowance, whereas non-taxable revenues decreased the effective tax rate.

For the three months ended September 30, 2022, the difference between the effective statutory tax rate of 31% and the effective tax rate of 46.8% was mainly due to an increase of the valuation allowance, whereas different tax rate applicable to income (loss) of foreign subsidiaries decreased the effective tax rate.