In October 2021, members of the Organization for Economic Cooperation and Development (OECD) inclusive framework released the statement on a Two-Pillar solution to address the tax challenges arising from the digitalization of the economy. On 23 May 2023, the International Accounting Standards Board (IAS) issued “International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12” which clarify that IAS 12 applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements Qualified Domestic Minimum Top-up Taxes. The Group has adopted these amendments. However, these amendments are not yet applicable for the current reporting year, as the Group's consolidated revenue has remained below the €750 million threshold, which is assessed based on the average revenue over the last four reporting periods.

The income tax charge recognized in profit and losses included the following:


Current Income Tax	2024			2023			2022
Current Income Tax on profits for the year		(32,595	)		(31,924	)		(11,682	)
Total Current Income Tax expense		(32,595	)		(31,924	)		(11,682	)

Deferred income tax	2024			2023			2022
Increase/(Decrease) in deferred income tax assets		3,150			1,757			229
(Decrease)/Increase in deferred income tax liabilities		(1,105	)		739			(133	)
Total Deferred income tax benefit / (expense)		2,045			2,496			96
Income Tax expense		(30,550	)		(29,428	)		(11,586	)

Deferred Tax Assets

The balance comprises temporary differences attributable to:


	2024		2023		2022
Tax Losses		793		233		348
Accrued Liabilities		3,196		773		99
Exchange differences		333		89		—
Other		1,045		1,193		51
Total		5,367		2,288		498

Movements:


	Tax losses			Accrued liabilities			Exchange differences		Other			Total
At January 1, 2024		233			773			89		1,193			2,288
(Charged) / Credited to profit & loss		560			2,423	—		244		(148	)		3,079
At December 31, 2024		793			3,196			333		1,045			5,367

	Tax losses			Accrued liabilities			Exchange differences		Other			Total
At January 1, 2023		348			99			—		51			498
Credited / (Charged) to profit & loss		(115	)		674			89		1,142			1,790
At December 31, 2023		233			773			89		1,193			2,288

Deferred Tax Liabilities

The balance of Deferred Tax Liabilities is comprised of temporary differences attributable to:


	2024		2023		2022
Accrued receivables		795		353		946
Other		1,063		471		206
Total		1,858		824		1,152

Movements:


	Accrued Liabilities			Other		Total
At January 1, 2024		353			471		824
Credited / (charged) to profit & loss		442			592		1,034
At December 31, 2024		795			1,063		1,858

At January 1, 2023		946			206		1,152
Credited / (charged) to profit & loss		(593	)		265		(328	)
At December 31, 2023		353			471		824

As of December 31, 2024 and 2023, no deferred tax liability has been recognized on investments in the Group subsidiaries. The Group has concluded it has the ability and intention to control the timing of any distribution from its subsidiaries and that it is probable there will be no reversal in the foreseeable future in a way that would result in a charge to taxable profit.

The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to the profits of the consolidated entities. The income tax provision is determined based on the income tax rates in effect in each country where the Group operates. The following is a reconciliation of the income tax expense to the profit (loss) for the year, considering the applicable statutory tax rates in the jurisdictions where the Group has taxable operations. These rates range from 0% in

jurisdictions such as the Cayman Islands to 35% in Argentina and Colombia. Other key tax rates include 5% in Malta, 21% in the United States, 25% in Ecuador, Panama, the United Kingdom and Uruguay, 30% in Kenya, Mexico, and Nigeria. In the remaining countries, tax rates range from 10% to 35%.

The Group’s effective Income Tax rate in 2024 was 20.2% (16.5% and 9.6% in the years ended December 31, 2023 and 2022, respectively). For 2024 and 2023, the Group applied for fiscal consolidation in Malta resulting in a domestic rate of 5%. The reconciliation between the effective Income Tax rate and the statutory rate in Malta of 5% in 2024, 2023 and 2022 was as follows:


	2024			2023			2022
Profit before Income Tax		151,019			178,514			120,283
Tax at the domestic rates applicable to profit before income tax in the respective jurisdiction		(7,551	)		(8,926	)		(6,014	)
Permanent differences:
Tax effect of non-taxable income		897			822			555
Effects from entities taxes with different rates		(14,565	)		(15,930	)		(5,440	)
Other permanent differences (1)		(9,331	)		(5,394	)		(687	)
Total		(30,550	)		(29,428	)		(11,586	)

(1) During the year ended December 31, 2024, other permanent differences included non-deductible expenses, the effect of income taxes accrued in subsidiaries (due to higher income tax rates) and the effect of hyperinflation adjustment in Argentinean subsidiaries.

The Company recorded income tax expenses of USD 4,543 related to a claim from the Uruguayan Tax Authority concerning income taxes on foreign activities and transactions under the Free Zone regime held in 2022. Despite having strong arguments for its position, during the last quarter of 2024, the Company chose to settle with local tax authorities to resolve the matter. The Company and its external tax advisors are confident that there is no significant risk related to prior or subsequent periods.