Disclosure Of Income Taxes [Line Items]

Summary of Income Tax Charge Recognized in Profit and Losses

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


Current Income Tax	2023			2022			2021
Current Income Tax on profits for the year		(31,924	)		(11,682	)		(6,940	)
Total Current Income Tax expense		(31,924	)		(11,682	)		(6,940	)

Deferred income tax	2023			2022			2021
Increase/(decrease) in deferred income tax assets		1,757			229			(83	)
Increase/(decrease) in deferred income tax liabilities		739			(133	)		(624	)
Total Deferred income tax benefit / (expense)		2,496			96			(707	)
Income Tax expense		(29,428	)		(11,586	)		(7,647	)

Summary of Movements in Deferred Tax Assets

Movements:


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

	Tax losses			Accrued liabilities			Exchange differences		Other		Total
At January 1, 2022		31			316			0		26		373
Credited / (Charged) to profit & loss		317			(217	)		0		25		125
At December 31, 2022		348			99			—		51		498

Summary of Reconciliation of Effective Tax Rate

The Group’s effective Income Tax rate in 2023 was 16.5% (9.6% and 8.9% in the years ended December 31, 2022 and 2021, respectively). For 2023 and 2022, the Group applied for fiscal consolidation in Malta resulting in a domestic rate of 5% (fiscal consolidation was not applied for 2021, resulting in a domestic rate of 35% with a 30% of tax refund). The reconciliation between the effective Income Tax rate and the statutory rate in Malta of 5% in 2023 and 2022, and 35% for fiscal year 2021 was as follows:


	2023			2022			2021
Profit before Income Tax		178,514			120,283			85,500
Tax at the domestic rates applicable to profit before income tax in the respective jurisdiction		(8,926	)		(6,014	)		(4,275	)
Permanent differences:
Tax effect of non-taxable income		822			555			3,369
Effects from entities taxes with different rates (1)		(15,930	)		(5,440	)		(3,127	)
Other permanent differences (2)		(5,394	)		(687	)		(3,614	)
Total		(29,428	)		(11,586	)		(7,647	)

(1) Increase mainly refers to a higher proportion of taxable income from emerging markets subject to income tax rate exceeding the statutory rate in Malta of 5%.

(2) During the year ended December 31, 2023, other permanent differences included non-deductible expenses of USD 1,868 (USD 1,088 in 2022) and by other permanent differences for USD 3,525 (USD 401 in 2022), which include USD 1,472 of hyperinflation adjustment in Argentinian subsidiaries. During the year ended December 31, 2022 it also includes disallowed expenses of USD 678 and taxable income from subsidiaries not included in the Profit before Income Tax for USD 1,357.