TAXATION (Tables)

12 Months Ended

Dec. 31, 2021

TAXATION [Abstract]

Income Tax Expense

Income tax expense comprises:

	Year ended December 31,
	2019 $			2020 $			2021 $
Current income tax		56,296			117,649			289,998
Deferred tax		(4,333	)		(27,451	)		(975	)
Withholding tax expense		33,901			51,442			43,842
		85,864			141,640			332,865

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, 2019, 2020 and 2021 is as follows:

	Year ended December 31,
	2019 $			2020 $			2021 $
Loss before income tax and share of results of equity investees		(1,368,619	)		(1,483,238	)		(1,715,184	)
Tax expense computed at tax rate of 17%		(232,665	)		(252,150	)		(291,581	)
Changes in valuation allowance		265,776			403,329			828,141
Non-deductible expenses		4,207			9,554			19,569
Effect of concessionary tax rate and tax reliefs		(42,404	)		(82,951	)		(183,962	)
Withholding tax expense		33,901			51,442			43,842
Foreign earnings at different tax rates		60,721			15,103			(82,388	)
Others		(3,672	)		(2,687	)		(756	)
		85,864			141,640			332,865

Significant Components of Deferred Taxes

The significant components of deferred taxes are as follows:

	As of December 31,
	2020 $			2021 $
Deferred tax assets:
Property and equipment		2,904			3,290
Deferred revenue		141,356			145,003
Unutilized tax losses and unused capital allowances		960,998			1,690,773
Provision and accrued expenses		21,170			28,807
Allowance for credit losses		6,346			13,012
Others		3,137			7,811
Valuation allowance		(1,016,676	)		(1,768,957	)
Total deferred tax assets		119,235			119,739
Deferred tax liabilities:
Property and equipment		(2,001	)		(6,949	)
Intangible assets		(433	)		(1,174	)
Deferred channel costs		(13,750	)		(13,783	)
Others		(4,673	)		(1,070	)
Total deferred tax liabilities		(20,857	)		(22,976	)
Net deferred tax assets		98,378			96,763