Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

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INCOME TAXES
 6 Months Ended
Jun. 30, 2017
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 5 – INCOME TAXES

 

The benefit for income taxes for the periods ended June 30, 2017 and December 31, 2016 differ from the amount which would be expected as a result of applying the statutory tax rates to the losses before income taxes due primarily to changes in the valuation allowance to fully reserve net deferred tax assets. 

Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry-forwards are expected to be available to reduce taxable income.

 

The components of these differences are as follows:

 

    June 30,     June 30,  
    2017     2016  
      (Unaudited)       (Unaudited)  
      $       $  
Net tax loss carry-forwards     (12,242 )     (15,307 )
    Statutory rate     15 %     15 %
    Expected tax recovery     (1,836 )     (2,296 )
    Change in valuation allowance     1,836       2,296  
Income tax provision     —       —  
                 
      June 30,       June 30,  
      2017       2016  
      (Unaudited)       (Audited)  
      $       $  
Components of deferred tax assets:                
    Non capital tax loss carry forwards     10,107       8,271  
   Less: valuation allowance     (10,107 )     (8,271 )
Net deferred tax asset     —       —  

 

The Company has provided a valuation allowance against the full amount of the deferred tax asset due to management’s uncertainty about its realization. As of June 30, 2017 the Company had approximately $67,385 in tax loss carryforwards that can be utilized future periods to reduce taxable income, and expire by the year 2037.