> Profit after providing for income tax expense amounted to...

> Profit after providing for income tax expense amounted to US$12,930 (31 December 2020: US$127,448).

> The high effective tax rate is attributable to Connexion recognising a larger profit in its Australian entities, beforeits US spending is consolidated with the Group. Due to the Group’s existing Deferred Tax Asset, no income tax isactually paid in cash. Instead, the Deferred Tax Asset is amortised by an equivalent amount. Furthermore, wewill review the efficiency of our tax structure in the subsequent period.

Can anyone explain why their income tax was so high? The explanation they gave (that I've quoted above) doesn't make much sense to me.