v3.25.2
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Income taxes

17. Income taxes

 

(a) Income taxes recognized in consolidated statements of profit or loss:

 

    For the year ended
December 31,
2023		   For the year ended
December 31,
2024		 
    MYR   MYR   USD 
Current tax                
Provision for the year    1,355,882    2,637,694    590,154 
Under provision in prior years    
–
    225,946    50,553 
Deferred tax    
–
    (30,023)   (6,717)
     1,355,882    2,833,617    633,990 

 

Notes:

 

  1) Cayman Islands

 

Under the current tax laws of the Cayman Islands, the Group is not subject to any income tax in the Cayman Islands.

 

  2) Malaysia

 

Under the Income Tax Act of Malaysia, enterprises incorporated in Malaysia are usually subject to a unified 24% enterprise income tax rate while preferential tax rates, tax holidays, and tax exemptions may be granted on a case-by-case basis.

 

For the fiscal year ended December 31, 2024 and 2023, the tax rate is 24% for companies incorporated in Malaysia with paid-in capital of MYR 2.5 million or more.

 

(b) Reconciliation between tax expenses and accounting profit at applicable tax rates:

 

    For the
year
ended
December 31,
2023		   For the
year
ended
December 31,
2024		 
    MYR   MYR   USD 
Profit before income taxes    5,110,267    6,345,785    1,419,797 
Notional tax on profit before taxation, calculated at the rates applicable to the respective tax jurisdictions    1,226,464    1,522,988    340,751 
Effect of tax rates in foreign jurisdictions    135,602    1,064,667    238,207 
Non-deductible expenses    8,777    20,016    4,479 
Tax effect on capital allowance    (14,961)   
–
    
–
 
Under provision of tax in prior years    
–
    225,946    50,553 
Tax expenses for the year    1,355,882    2,833,617    633,990 

 

(c) Deferred tax recognized in the consolidated statement of financial position

The significant components of deferred taxes recognized in the consolidated statement of financial position and the movements during the year presented are as follows:

 

   As of 
   December 31,
2024		 
   MYR   USD 
Deferred tax assets:          
- Allowance for credit losses   178,526    39,943 
- Lease liability   598,394    133,884 
Total deferred tax assets   776,920    173,827 
Net off against deferred tax liabilities   (746,897)   (167,110)
Net deferred tax assets   30,023    6,717 
           
Deferred tax liabilities:          
- Right-of-use asset   (546,530)   (122,280)
- Depreciation and amortization   (200,367)   (44,830)
Total deferred tax liabilities   (746,897)   (167,110)
Net off against deferred tax assets   746,897    167,110 
Net deferred tax liabilities   
–
    
–
 

 

As of December 31, 2023, the amounts of unrecognized deferred tax assets and deferred tax liabilities were immaterial.