TAXATION (Tables)

12 Months Ended

Dec. 31, 2020

TAXATION [Abstract]

Income Tax Expense

Income tax expense comprises:

	For the year ended December 31,
	2018 $			2019 $			2020 $
Current income tax		7,949			56,296			117,649
Deferred tax		(19,797	)		(4,333	)		(27,451	)
Withholding tax expense		15,936			33,901			51,442
		4,088			85,864			141,640

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, 2018, 2019 and 2020 is as follows:

	For the year ended December 31,
	2018 $			2019 $			2020 $
Loss before income tax and share of results of equity investees		(953,880	)		(1,368,619	)		(1,483,238	)
Tax expense computed at tax rate of 17%		(162,160	)		(232,665	)		(252,150	)
Changes in valuation allowance		197,257			265,776			403,329
Non-deductible expenses		1,797			4,207			9,554
Effect of concessionary tax rate and tax reliefs		(6,139	)		(42,404	)		(82,951	)
Withholding tax expense		15,936			33,901			51,442
Foreign earnings at different tax rates		(38,099	)		60,721			15,103
Others		(4,504	)		(3,672	)		(2,687	)
		4,088			85,864			141,640

Significant Components of Deferred Taxes

The significant components of deferred taxes are as follows:

	December 31,
	2019 $			2020 $
Deferred tax assets:
Property and equipment		4,380			2,904
Advances from customers		507			401
Deferred revenue		93,956			141,356
Unutilized tax losses and unused capital allowances		586,944			960,998
Provision and accrued expenses		12,955			21,170
Others		3,967			9,082
Valuation allowance		(619,272	)		(1,016,676	)
Total deferred tax assets		83,437			119,235
Deferred tax liabilities:
Property and equipment		(1,002	)		(2,001	)
Intangible assets		(2,577	)		(433	)
Deferred channel costs		(9,448	)		(13,750	)
Others		(1,045	)		(4,673	)
Total deferred tax liabilities		(14,072	)		(20,857	)
Net deferred tax assets		69,365			98,378