| INCOME TAX EXPENSE |
25
INCOME TAX EXPENSE
SCHEDULE OF CURRENT INCOME TAX EXPENSES
| | |
2023 | | |
2024 | | |
2025 | |
| | |
S$ | | |
S$ | | |
S$ | |
| | |
| | | |
| | | |
| | |
| Current tax liability | |
| 653 | | |
| - | | |
| - | |
The
tax on the Group’s loss before tax differs from the theoretical amount that would arise using the Singapore standard rate of income
tax as follows:
SCHEDULE OF INCOME TAX EXPENSES
| | |
2023 | | |
2024 | | |
2025 | |
| | |
S$ | | |
S$ | | |
S$ | |
| | |
| | |
| | |
| |
| Loss before income tax | |
| (4,132,517 | ) | |
| (2,521,861 | ) | |
| (3,996,336 | ) |
| | |
| | | |
| | | |
| | |
| Tax calculated at tax rate of 17% | |
| (702,528 | ) | |
| (428,716 | ) | |
| (679,377 | ) |
| Effects of: | |
| | | |
| | | |
| | |
| - different tax rates in other countries | |
| (7,207 | ) | |
| (60,181 | ) | |
| (73,309 | ) |
| - deferred tax assets not recognized | |
| 462,910 | | |
| 494,975 | | |
| 678,609 | |
| - expenses not deductible for tax purposes | |
| 247,290 | | |
| 36,625 | | |
| 117,938 | |
| - income not subject to tax | |
| (465 | ) | |
| (42,703 | ) | |
| (59,112 | ) |
| - timing differences arising from revenue recognition | |
| - | | |
| - | | |
| 15,251 | |
| - under provision of prior year tax | |
| 653 | | |
| - | | |
| - | |
| Income tax expenses | |
| 653 | | |
| - | | |
| - | |
Significant components of unrecognized
deferred tax assets
The
Group has significant component of unrecognized deferred tax assets contributed mainly from unutilized tax losses of approximately
S$6,785,000,
S$8,829,000
and S$12,413,000
and unabsorbed capital allowance of approximately of S$1,145,000,
S$1,404,000
and S$1,738,000
at December 31, 2023, 2024 and 2025, which were available for offset against future profits, respectively. The unutilized tax losses
and unabsorbed capital allowances have no expiry except for unutilized tax losses amounting to approximately S$5,633,000
(2023: S$2,439,000
and 2024: S$4,500,000)
which can only be carried forward up to 10 years. No deferred tax asset has been recognized in respect of these tax losses due to
the unpredictability of future profit streams.
CYTOMED
THERAPEUTICS LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
Years
ended December 31, 2023, 2024 and 2025
25
INCOME TAX EXPENSE (Continued)
SCHEDULE OF UNUTILIZED TAX LOSSES
| | |
2023 | | |
2024 | | |
2025 | |
| | |
S$ | | |
S$ | | |
S$ | |
| | |
| | |
| | |
| |
| Unutilized tax losses | |
| | | |
| | | |
| | |
| At beginning of year | |
| 4,501,000 | | |
| 6,785,000 | | |
| 8,829,000 | |
| Unutilized tax losses, At beginning of year | |
| 4,501,000 | | |
| 6,785,000 | | |
| 8,829,000 | |
| Addition | |
| 2,517,000 | | |
| 2,240,000 | | |
| 3,412,000 | |
| (Over)/Under-provision in respect of prior years | |
| (233,000 | ) | |
| (196,000 | ) | |
| 172,000 | |
| At end of year | |
| 6,785,000 | | |
| 8,829,000 | | |
| 12,413,000 | |
| Unutilized tax losses, At end of year | |
| 6,785,000 | | |
| 8,829,000 | | |
| 12,413,000 | |
| | |
| | | |
| | | |
| | |
| Unabsorbed capital allowance | |
| | | |
| | | |
| | |
| At beginning of year | |
| 1,218,000 | | |
| 1,145,000 | | |
| 1,404,000 | |
| Unabsorbed capital allowance, At beginning of year | |
| 1,218,000 | | |
| 1,145,000 | | |
| 1,404,000 | |
| Addition | |
| 206,000 | | |
| 241,000 | | |
| 332,000 | |
| (Over)/Under-provision in respect of prior years | |
| (279,000 | ) | |
| 18,000 | | |
| 2,000 | |
| At end of year | |
| 1,145,000 | | |
| 1,404,000 | | |
| 1,738,000 | |
| Unabsorbed capital allowance, At end of year | |
| 1,145,000 | | |
| 1,404,000 | | |
| 1,738,000 | |
| | |
| | | |
| | | |
| | |
| Total | |
| 7,930,000 | | |
| 10,233,000 | | |
| 14,151,000 | |
| | |
| | | |
| | | |
| | |
| Unrecorded approximate deferred tax benefits @ 17% | |
| 1,348,000 | | |
| 1,740,000 | | |
| 2,406,000 | |
CYTOMED
THERAPEUTICS LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
Years
ended December 31, 2023, 2024 and 2025
|