| INCOME TAX EXPENSE |
NOTE
32— INCOME TAX EXPENSE
The
Group is subject to income taxes in the countries of Indonesia, Singapore, New Zealand, United States, United Kingdom and South Africa.
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 |
) |
|