| SCHEDULE OF RECONCILIATION OF INCOME TAXES AT THE STATUTORY RATE |
The
provision for income taxes consists of the following provisions (benefits):
SCHEDULE OF PROVISION FOR INCOME TAXES PROVISIONS (BENEFITS)
| |
|
2025 |
|
|
2024 |
|
|
2023 |
|
| |
|
Years ended December 31, |
|
| |
|
2025 |
|
|
2024 |
|
|
2023 |
|
| Current tax: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current tax on profits for the year |
|
$ |
18,990 |
|
|
$ |
28,783 |
|
|
|
32,115 |
|
| Under provision in prior year |
|
|
37 |
|
|
|
800 |
|
|
|
- |
|
| Total
Current tax |
|
|
19,027 |
|
|
|
29,583 |
|
|
|
32,115 |
|
| Deferred income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
| Increase in deferred tax assets |
|
|
235,111 |
|
|
|
2,329,636 |
|
|
|
- |
|
| Increase (Decrease) in deferred tax liabilities |
|
|
398,591 |
|
|
|
(4,611,291 |
) |
|
|
(1,110,801 |
) |
| Deferred
income tax |
|
|
633,702 |
|
|
|
(2,281,655 |
) |
|
|
(1,110,801 |
) |
| Benefit/(Expense) from income taxes |
|
$ |
652,729 |
|
|
$ |
(2,252,072 |
) |
|
|
(1,078,686 |
) |
The
reconciliation of income taxes at the statutory rate of Singapore to the effective tax rates for the years ended December 31, 2025, 2024
and 2023 is as follows:
SCHEDULE OF RECONCILIATION OF INCOME TAXES AT THE STATUTORY RATE
| |
|
2025 |
|
|
2024 |
|
|
2023 |
|
| |
|
Year ended December 31, |
|
| |
|
2025 |
|
|
2024 |
|
|
2023 |
|
| Loss from continuing operations before provision for income taxes |
|
$ |
(54,804,596 |
) |
|
$ |
(27,191,894 |
) |
|
|
(6,208,871 |
) |
| Tax at the Singapore rate of 17%
|
|
|
(9,316,781 |
) |
|
|
(4,622,622 |
) |
|
|
(1,055,508 |
) |
| Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
| Permanent differences |
|
|
7,391,963 |
|
|
|
297,800 |
|
|
|
(2,380,272 |
) |
| Current period net operating losses not recognised as a deferred tax asset |
|
|
4,255,321 |
|
|
|
6,187,916 |
|
|
|
1,600,731 |
|
| Rate differential – non-Singapore entities |
|
|
(186,097 |
) |
|
|
(661,038 |
) |
|
|
(183,113 |
) |
| Other deferred tax activity |
|
|
- |
|
|
|
(169,511 |
) |
|
|
939,476 |
|
| Utilisation of deferred tax assets |
|
|
(185,021 |
) |
|
|
- |
|
|
|
- |
|
| Others |
|
|
(1,306,656 |
) |
|
|
(3,284,617 |
) |
|
|
- |
|
| Benefit/(Expense) from income taxes |
|
$ |
652,729 |
|
|
$ |
(2,252,072 |
) |
|
|
(1,078,686 |
) |
|
| SCHEDULE OF RECONCILIATION OF INCOME TAXES AT THE STATUTORY RATE |
The
reconciliation of income taxes at the statutory rate of Singapore to the effective tax rates for the years ended December 31, 2025, 2024
and 2023 is as follows:
SCHEDULE OF RECONCILIATION OF INCOME TAXES AT THE STATUTORY RATE
| |
|
2025 |
|
|
2024 |
|
|
2023 |
|
| |
|
Year ended December 31, |
|
| |
|
2025 |
|
|
2024 |
|
|
2023 |
|
| Loss from continuing operations before provision for income taxes |
|
$ |
(54,804,596 |
) |
|
$ |
(27,191,894 |
) |
|
|
(6,208,871 |
) |
| Tax at the Singapore rate of 17%
|
|
|
(9,316,781 |
) |
|
|
(4,622,622 |
) |
|
|
(1,055,508 |
) |
| Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
| Permanent differences |
|
|
7,391,963 |
|
|
|
297,800 |
|
|
|
(2,380,272 |
) |
| Current period net operating losses not recognised as a deferred tax asset |
|
|
4,255,321 |
|
|
|
6,187,916 |
|
|
|
1,600,731 |
|
| Rate differential – non-Singapore entities |
|
|
(186,097 |
) |
|
|
(661,038 |
) |
|
|
(183,113 |
) |
| Other deferred tax activity |
|
|
- |
|
|
|
(169,511 |
) |
|
|
939,476 |
|
| Utilisation of deferred tax assets |
|
|
(185,021 |
) |
|
|
- |
|
|
|
- |
|
| Others |
|
|
(1,306,656 |
) |
|
|
(3,284,617 |
) |
|
|
- |
|
| Benefit/(Expense) from income taxes |
|
$ |
652,729 |
|
|
$ |
(2,252,072 |
) |
|
|
(1,078,686 |
) |
|