| Income tax expenses |
The components of income tax provision
are:
| | |
December 31,
2025 | | |
December 31,
2024 | | |
December 31,
2023 | |
| | |
USD | | |
USD | | |
USD | |
| Current income tax expense | |
| 153,069 | | |
| 61,306 | | |
| - | |
| Deferred income tax credit | |
| (55,934 | ) | |
| 53,596 | | |
| 131,240 | |
| Total income tax expenses | |
| 97,135 | | |
| 114,902 | | |
| 131,240 | |
A reconciliation between income
tax expense and the product of accounting loss multiple by the applicable corporate tax rate for the reporting periods ended December 31,
2025, 2024 and 2023 were as follows:
| | |
December 31,
2025 | | |
December 31,
2024 | | |
December 31,
2023 | |
| | |
USD | | |
USD | | |
USD | |
| (Loss)/Profit before income tax | |
| (15,105,249 | ) | |
| (83,508,195 | ) | |
| 1,125,434 | |
| | |
| | | |
| | | |
| | |
| Tax calculated at statutory rate of 17% | |
| (2,567,892 | ) | |
| (14,196,647 | ) | |
| 191,324 | |
| Differences arise from tax rate in different jurisdiction | |
| 162,102 | | |
| 14,834 | | |
| - | |
| Deferred tax assets previously not recognized, net of foreign exchange fluctuation | |
| 26,870 | | |
| - | | |
| (88,615 | ) |
| Income not subject to tax | |
| (1,303 | ) | |
| (113,130 | ) | |
| (28,390 | ) |
| Expense not deductible for tax purpose | |
| 2,536,799 | | |
| 14,283,615 | | |
| 73,097 | |
| Recognition of timing difference | |
| (55,769 | ) | |
| 53,596 | | |
| 9,432 | |
| Utilization of tax benefit | |
| (27,382 | ) | |
| (34,488 | ) | |
| - | |
| Deferred tax assets (net) not recognized | |
| - | | |
| 167,283 | | |
| (25,608 | ) |
| Under provision for prior year tax | |
| 83,343 | | |
| - | | |
| - | |
| Others | |
| (59,633 | ) | |
| (60,161 | ) | |
| - | |
| | |
| 97,135 | | |
| 114,902 | | |
| 131,240 | |
In Singapore context, the realization of
future income tax benefits from unabsorbed tax losses will only be obtained if the Group derives future assessable income of
sufficient amount to enable the benefits of the deductions to be realized and the Group continues to comply with the conditions for
deductibility imposed by the law. Unabsorbed tax losses may be carried forward indefinitely. There were tax benefits of USD 542,356
(2024: USD 480,391) not recognized.
|