Interfront 2023 Annual Report

International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2023 120 INTERFRONT ANNUAL REPORT 2023 Notes to the Financial Statements Figures in Rand 2023 2022  Revenue from exchange transactions Rendering of services: SARS 152 237 645 93 122 391 Rendering of services: Luxembourg 15 897 998 15 283 557 Rendering of services: Other 3 654 842 – Profit/(loss) from exchange transactions 390 030 (374 529) Interest received 2 651 599 1 786 154 174 832 114 109 817 573 The amount included in revenue arising from exchanges of goods or services are as follows: Rendering of services 171 790 485 108 405 948 Profit/(loss) from exchange transactions 390 030 (374 529) Interest received 2 651 599 1 786 154 174 832 114 109 817 573  Auditors’ remuneration External audit: fees 643 762 598 041 Internal audit: fees 661 770 42 579 Subsistence and travel: internal audit 30 895 – Subsistence and travel: external audit 75 148 1 620 1 411 575 642 240  Taxation Major components of the tax (income)/expense Current Local income tax – current period 676 277 574 110 Local income tax – recognised in current tax for prior periods 3 994 2 400 680 271 576 510 Deferred Deferred tax movement current year (3 475 541) (2 227 945) (2 795 270) (1 651 435) Reconciliation of the tax expense Reconciliation between accounting surplus and tax expense Accounting deficit (12 588 897) (8 035 401) Tax at the applicable tax rate of 27% (2022: 28%) (3 399 002) (2 249 912)