v3.22.2.2
INCOME TAXES
 6 Months Ended
Sep. 30, 2022
INCOME TAXES  
INCOME TAXES

11.INCOME TAXES

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Three months ended September 30, 

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Six months ended September 30, 

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2022

    

2021

    

2022

    

2021

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Current tax expense (benefit)

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$

2,126

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$

(191)

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$

3,015

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$

(1,103)

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Deferred tax expense (benefit)

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(83,290)

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–

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(18,615)

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119

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Total tax expense (benefit)

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$

(81,164)

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$

(191)

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$

(15,600)

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$

(984)

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For the three months ended September 30, 2022, the effective tax rate of 28.4% was higher than the statutory tax rate of 26.5% primarily due to non-deductible expenses, state income taxes, differences in foreign tax rates and changes in valuation allowance.

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For the six months ended September 30, 2022, the effective tax rate of 25.7% was lower than the statutory tax rate of 26.5% primarily due to changes in foreign tax rates, changes in valuation allowance and offset by non-deductible expenses. In Canada and the US, the deferred tax liability exceeded deferred tax assets available for offset due to the significant unrealized gain on derivative instruments.

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For the three and six months ended September 30, 2021, the effective tax rate was lower than the statutory tax rate of 26.5% due to the Company maintaining an overall valuation allowance position with the exception of limited deferred tax assets that were benefitted.

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