v3.25.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

Note 14 – Income Taxes

 

Cayman Islands

 

Cayman Islands entities are not subject to income taxes on profits, income, gains or appreciation, and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

 

Payments of dividends and capital in respect of the Company’s ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our ordinary shares, as the case may be, nor will gains derived from the disposal of our ordinary shares be subject to Cayman Islands income or corporation tax.

 

Malaysia

 

Malaysia Income Tax is calculated at 24% of the estimated assessable profits for the relevant year. Net operating losses can be carried forward for a limit of ten consecutive years starting from the year subsequent to the year in which the loss was incurred.

 

For Labuan Trading activity, the chargeable profits would subject to tax under Labuan Business Activity Act, 1990 (“LBATA”) of which 3% of net audited profits would be taxed.

 

Singapore

 

Singapore Income Tax is calculated at 17% of chargeable income for the relevant year. Net operating losses can be carried forward indefinitely to offset against future taxable income.

 

Taxable income/(loss) before income taxes by jurisdiction are as follows:

 

   2024   2023   2022 
   Years Ended December 31, 
   2024   2023   2022 
Labuan  $26,190   $25,263   $38,447 
Malaysia   1,280,329    684,759    (80,931)
Singapore   121,780    64,217    33,824 
Total tax expenses (benefits)  $1,428,299   $774,239   $(8,660)

 

Reconciliations of the statutory income tax rate and the Company’s effective income tax rate are as follow:

 

   2024   2023   2022 
   Years Ended December 31, 
   2024   2023   2022 
Income tax expense at Labuan statutory rate  $26,247   $25,375   $38,334 
Income tax expense at Malaysia statutory rate   613,388    710,438    368,799 
Income tax expense at Singapore statutory rate   110,461    91,240    108,987 
Increases (decreases) due to:               
Other adjustments   743,918    (177,593)   391,723 
Temporary differences   (9,092)   13,072    (844,343)
Other exemption, rebate and credit   (26,038)   (56,397)   (22,106)
Foreign tax credit   -    -    (61,909)
(Over) Under provision in prior years   (30,585)   168,104    11,855 
Tax expense (benefits), net  $1,428,299   $774,239   $(8,660)