| Schedule of taxable income/(loss) before income taxes by jurisdiction |
Taxable
(loss) income before income taxes by jurisdiction are as follows:
Schedule
of taxable income/(loss) before income taxes by jurisdiction
| | |
June
30, 2025 | | |
December
31, 2024 | | |
December
31, 2023 | |
| | |
For the Six Months
Ended | | |
For
the Years Ended | |
| | |
June
30,
2025 | | |
December
31, 2024 | | |
December
31, 2023 | |
| | |
(Unaudited) | | |
(Audited) | | |
(Audited) | |
| Labuan | |
$ | 1,022 | | |
$ | 26,190 | | |
$ | 25,263 | |
| Malaysia | |
| (1,039,138 | ) | |
| 1,280,329 | | |
| 684,759 | |
| Singapore | |
| 50,082 | | |
| 121,780 | | |
| 64,217 | |
| Total tax (benefits)
expenses | |
$ | (988,034 | ) | |
$ | 1,428,299 | | |
$ | 774,239 | |
|
| Schedule of reconciliations of the statutory income tax rate and effective income tax rate |
Reconciliations
of the statutory income tax rate and the Company’s effective income tax rate are as follow:
Schedule
of reconciliations of the statutory income tax rate and effective income tax rate
| | |
June
30, 2025 | | |
December
31, 2024 | | |
December
31, 2023 | |
| | |
For the Six Months
Ended | | |
For
the Years Ended | |
| | |
June
30,
2025 | | |
December
31, 2024 | | |
December
31, 2023 | |
| | |
(Unaudited) | | |
(Audited) | | |
(Audited) | |
| Income tax expense at Labuan statutory
rate | |
$ | 8,411 | | |
| 26,247 | | |
$ | 25,375 | |
| Income tax expense at Malaysia statutory rate | |
| 283,787 | | |
| 613,388 | | |
| 710,438 | |
| Income tax expense at Singapore statutory rate | |
| 69,507 | | |
| 110,461 | | |
| 91,240 | |
| Increases (decreases) due to: | |
| | | |
| | | |
| | |
| Other adjustments | |
| (303,211 | ) | |
| 743,918 | | |
| (177,593 | ) |
| Temporary differences | |
| (45,490 | ) | |
| (9,092 | ) | |
| 13,072 | |
| Other exemption, rebate
and credit | |
| - | | |
| (26,038 | ) | |
| (56,397 | ) |
| (Over)
Under provision in prior years(1) | |
| (1,001,038 | ) | |
| (30,585 | ) | |
| 168,104 | |
| Tax expense (benefits),
net | |
$ | (988,034 | ) | |
| 1,428,299 | | |
$ | 774,239 | |
| (1) | With
the change of fiscal year end from December 31 to June 30, the reporting period of Tumpuan
Megah covered 18 months from January 1, 2024 to June 30, 2025. Given Tumpuan Megah recorded
a net loss for the six months ended June 30, 2025, the tax loss position reduced the overall
assessable profits for the full 18-month reporting period. As a result, the provision for
income tax previously recognized for the year ended December 31, 2024 was overstated by $1,001,038. |
|