v3.25.1
Income Tax Expense (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Expense [Abstract]  
Schedule of Rates of Tax Applicable in Countries Overseas tax is calculated at rates of tax applicable in countries in which the Group is assessable for tax:
   For the year ended December 31, 
   2024   2023   2022 
   US$   US$   US$ 
Hong Kong profits tax:            
- Charge for the year   771    4,261    12,926 
- Overprovision in prior year   
    (800)   
 
The People’s Republic of China withholding tax:               
- Charge for the year   868    993    641 
Other jurisdictions:               
- Charge for the year   
    
    80 
Deferred tax   
    (140)   (242)
    1,639    4,314    13,405 
Schedule of Reconciliation of Tax Expense and Profit Before Tax

A income tax expense can be reconciled to profit before taxation as follows:

 

    For the year ended December 31,  
    2024     2023     2022  
    US$     US$     US$  
Profit before tax     55,217       157,697       173,871  
                         
Tax at statutory tax rate of domestic income tax rate     13,804       26,020       28,689  
Tax effect of foreign tax jurisdictions     (40 )     108       34  
Tax effect of two-tiered profit tax rate     -         (21 )     (21 )
Tax effect of non-taxable income      (24,150 )     (31,954 )     (15,604 )
Tax effect of distribution to perpetual securities holders that are deductible for tax purpose     (1,076 )     (1,412 )     (2,591 )
Tax effect of non-deductible expenses     9,776       4,743       2,265  
Tax effect of unrecognized temporary difference                 (1 )
Overprovision in prior year           (800 )      
Tax effect of tax loss not recognized     2,515       6,637        
Utilization of tax losses previously not recognized     (58 )           (7 )
Withholding tax on the dividend income     868       993       641  
Income tax expense     1,639       4,314       13,405