v3.26.1
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Taxes [Abstract]  
Income taxes

Note 15 – Income taxes

 

Caymans and BVIs

 

The Company and its subsidiary are domiciled in the Cayman Islands and the British Virgin Islands, respectively. Both localities currently enjoy permanent income tax holidays; accordingly, the Company and Ohmyhome BVI do not accrue income taxes.

 

Singapore

 

Ohmyhome (S), Ohmyhome Renovation Pte Ltd, Ohmyhome Insurance Pte Ltd, Cora Pro Pte Ltd and DreamR Projects Pte. Ltd., Ohmyhome Property Management Pte. Ltd. are incorporated in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

 

Net operating loss will be carried forward indefinitely under Singapore profits tax regulation. As of December 31, 2022, 2023 and 2024, the Group did not generate net taxable income to utilize net operating loss, which will carry forwards to offset future taxable income.

 

Malaysia

 

Ohmyhome Sdn Bhd and Ohmyhome Realtors Sdn Bhd are subject to Malaysia Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is 24%. However, if the company has a paid-up capital of MYR 2.5 million or less, and gross income from business of not more than MYR 50 million, the tax rate will be 17% on the first MYR 600,000 and 24% on amount exceeding MYR 600,000.

 

The operations in Malaysia incurred cumulative net operating losses which can be carried forward for a maximum period of seven consecutive years to offset future taxable income.

 

Philippines

 

Ohmyhome Property Inc. is subject to Philippines corporate income tax on its taxable income as reported in its statutory financial statements, as adjusted in accordance with relevant Philippines tax laws. The standard corporate income tax rate in the Philippines is 25%. However, for domestic corporations with net taxable income not exceeding PHP 5 million and total assets not exceeding PHP 100 million (excluding land), a reduced corporate income tax rate of 20% may apply.

 

The components of loss before income taxes were comprised of the following:

 

   December 31,
2023		   December 31,
2024		   December 31,
2025		   December 31,
2025		 
   SGD   SGD   SGD   USD 
Tax jurisdiction from:                
Singapore   (5,434,925)   (4,321,476)   (8,891,675)   (6,914,752)
Malaysia   (81,299)   (40,798)   (60,417)   (46,984)
Philippines   
-
    
-
    (284,109)   (220,941)
Loss before income taxes provision   (5,516,224)   (4,362,274)   (9,236,201)   (7,182,677)

The provision for income taxes consisted of the following

 

   December 31,
2023		   December 31,
2024		   December 31,
2025		   December 31,
2025		 
   SGD   SGD   SGD   USD 
Deferred tax assets:                
Singapore   924,114    734,651    1,433,507    1,114,789 
Malaysia   13,644    6,936    10,271    7,987 
Philippines   
-
    
-
    48,299    37,560 
                     
Less: valuation allowance                    
Singapore   (924,114)   (734,651)   (1,433,507)   (1,114,789)
Malaysia   (13,644)   (6,936)   (10,271)   (7,987)
Philippines   
-
    
-
    (48,299)   (37,560)
Deferred tax assets   
-
    
-
    
-
    
-
 

 

Uncertain tax positions

 

The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2023, 2024 and 2025, the Group did not have any significant unrecognized uncertain tax positions. The Group did not incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2023, 2024 and 2025 and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from December 31, 2025.