v3.26.1
INCOME TAX
 8 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAX

11. INCOME TAX

 

The following table summarizes the components of loss from operation before income tax of the Company for each of the periods:

 

   2026   2025   2024 
   Eight Months Ended
March 31,		   Twelve Months Ended
July 31,		 
   2026   2025   2024 
Tax jurisdictions from:               
- Local  $(38,112)  $(33,121)  $(42,275)
- Foreign, representing:               
Cayman Island   (6,085)   -    - 
Hong Kong   (14)   -    - 
Malaysia   (23,157)   -    - 
Loss before income taxes  $(67,368)  $(33,121)  $(42,275)

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of March 31, 2026, the operations in the United States of America incurred $38,112 of net operating losses (NOL’s) which can be carried forward to offset future taxable income, at the tax rate of 21%. The NOL carry forwards begin to expire in 2045, if unutilized. The Company has provided for a full valuation allowance of approximately $8,004 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the Company believes it is more likely than not that these assets will not be realized in the future.

 

Cayman Islands

 

The Company is incorporated in the Cayman Islands, a jurisdiction that does not impose corporate income taxes, capital gains taxes, or withholding taxes on income derived within or outside of the Cayman Islands. As such, the Company is not subject to income tax in the Cayman Islands.

 

No provision for income taxes has been made in the accompanying consolidated financial statements, as the Company has no tax obligations in its country of incorporation. Additionally, the Company has not incurred any current or deferred tax liabilities in other jurisdictions as of the reporting date.

 

Hong Kong

 

Willing Read operating in Hong Kong are subject to the Hong Kong Profits Tax at the statutory income tax rate of 8.25% on assessable profits up to HK$2,000,000; and 16.5% on any part of assessable profits over HK$2,000,000.

 

Malaysia

 

GW Reader Sdn Bhd is governed by the income tax laws of Malaysia and the income tax provision in respect of operations in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Income Tax Act of Malaysia, companies incorporated or operating in Malaysia that are wholly or partially owned by foreign entities are generally subject to the standard corporate income tax rate of 24% on their chargeable income, unless they qualify for preferential tax treatment under specific incentives or thresholds. As of March 31, 2026, the operations in the Malaysia incurred $23,157 of cumulative net operating losses which can be carried forward for a maximum period of ten consecutive years to offset future taxable income.

 

The following table sets forth the significant components of the aggregate deferred tax assets of the Company for each of the periods:

 

   2026   2025   2024 
   Eight Months Ended
March 31,		   Twelve Months Ended
July 31,		 
   2026   2025   2024 
Deferred tax assets:               
                
Net operating loss carryforwards               
- United States of America  $8,004   $6,955   $8,878 
- Cayman Island   -    -    - 
- Hong Kong   -    -    - 
- Malaysia   5,558    -    - 
Less: valuation allowance   (13,562)   (6,955)   (8,878)
Loss before income taxes  $-   $-   $- 

 

The Company believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $13,562 as of March 31, 2026.