v3.26.1
INCOME TAX
 6 Months Ended
Jun. 30, 2026
INCOME TAX  
INCOME TAX

NOTE 13 – INCOME TAX

 

Cayman Islands

 

Under the current laws of the Cayman Islands, Platinum is not subject to tax on income or capital gains. In addition, payments of dividends by Platinum to its shareholders are not subject to withholding tax in the Cayman Islands.

 

Hong Kong

 

Platinum HK was incorporated under the Hong Kong tax law where the statutory income tax rate is 16.5%. Platinum HK has had no taxable income or loss from May 4, 2020 (inception) to June 30, 2026.

 

People’s Republic of China

 

Yubo International Biotech (Beijing) Limited (“Yubo Beijing”), Yubo International Biotech (Chengdu) Limited (“Yubo Chengdu”), Yubo Jingzhi Biotechnology (Chengdu) Co. LTD. (“Yubo Jingzhi”), Yubo Global Biotechnology (Chengdu) Co. Ltd (“Yubo Global”), Phoenix Club Biomedical Technology, (Chengdu) Co., LTD (“Yubo Phoenix”), and EpiAis Biomedical Engineering (Shenzhen) Co., Ltd. (“Yubo Shenzhen”) were incorporated in the PRC and are subject to PRC Enterprise Income Tax (“EIT”) on their taxable income in accordance with the relevant PRC income tax laws. On March 16, 2007, the National People’s Congress enacted a new enterprise income tax law, which took effect on January 1, 2008. The law applies a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises.

 

The composition of income tax expense was as follows:

 

 

 

Six months ended

June 30, 2026

 

 

Six months ended

June 30, 2025

 

 

 

(Unaudited)

 

 

 

Current income tax expense

 

$—

 

 

$—

 

Deferred income tax expense

 

 

—

 

 

 

—

 

Provision for income taxes

 

$—

 

 

$—

 

 

The components of deferred tax assets were as follows:

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

(Unaudited)

 

 

 

Deferred tax assets, gross

 

$1,974,003

 

 

$1,833,066

 

Valuation allowance

 

 

(1,974,003)

 

 

(1,833,066)

Deferred tax assets, net

 

$—

 

 

$—

 

 

The reconciliation of the provisions for (benefits from) income tax by applying the PRC tax rate to income (loss) before provisions for income tax and the actual provisions for income tax is as follows:

 

 

 

Six months ended

June 30, 2026

 

 

Six months ended

June 30, 2025

 

 

 

(Unaudited)

 

 

 

Loss before provision for income taxes

 

$(563,747)

 

$(592,136)

Income tax benefit computed at an applicable tax rate of 25%

 

 

(140,937)

 

 

(148,034)

Change in valuation allowance

 

 

140,937

 

 

 

148,034

 

Provision for income taxes

 

$—

 

 

$—

 

 

Accounting for Uncertainty in Income Taxes

 

The tax authority of the PRC government conducts periodic and ad hoc tax filing reviews on business enterprises operating in the PRC after those enterprises complete their relevant tax filings. Therefore, the Company’s PRC entities’ tax filings results are subject to change and may lead to tax liabilities.

 

ASC 740 requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. The management evaluated the Company’s tax positions and concluded that no liability for uncertainty in income taxes was necessary as of June 30, 2026 and December 31, 2025.