INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE– 11 INCOME TAXES

The Company has operations in various countries and is subject to tax in the jurisdictions in which they operate, as follows:

United States of America

VIVC is registered in the State of Delaware and is subject to US federal corporate income tax rate of 21%. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision.

The reconciliation of income tax rate to the US effective income tax rate based on income before income taxes for the years ended December 31, 2023 and 2022 are as follows:

	Years ended December 31,
	2023			2022
Loss before income taxes	$	(238,729	)	$	(178,759	)
Permanent difference		60,000			-
Taxable loss		(178,729	)		(178,759	)
Statutory income tax rate		21	%		21	%
Income tax expense at statutory rate		(37,533	)		(37,539	)
Tax effect of allowance		37,533			37,539
Income tax expense	$	-		$	-

Taiwan

The Company’s Taiwan branch operating in Taiwan is subject to the Taiwan Profits Tax at the income tax rate of 20% on the assessable income arising in Taiwan during its tax year. The operation in Taiwan incurred an operating loss and the provision for income tax for the years ended December 31, 2023 and 2022 was $1,531 and $0.

Hong Kong

The Company’s subsidiary operating in Hong Kong is subject to the Hong Kong Profits Tax at the tax rates ranging from 8.25% to 16.5% on the assessable income arising in Hong Kong during its tax year. The operation in Hong Kong incurred an operating loss and there is no provision for income tax for the years ended December 31, 2023 and 2022.

The People’s Republic of China

The Company’s subsidiary operating in The People’s Republic of China (“PRC) is subject to the PRC Income Tax at the unified rate of 25% on the assessable income arising in PRC during its tax year. The Company did not have any PRC subsidiaries as of December 31, 2023 after the disposal of Weiguan Ship in July 2023.

The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the years ended December 31, 2023 and 2022 are as follows:

	For the Years Ended December 31,
	2023			2022
Loss before income taxes	$	-		$	(733,468	)
Statutory income tax rate		25	%		25	%
Income tax expense at statutory rate		-			(183,367	)
Net operating loss against valuation allowance		-			183,367
Income tax expense	$	-		$	-

The following table sets forth the significant components of the deferred tax assets and liabilities of the Company as of December 31, 2023 and 2022:

	December 31, 2023			December 31, 2022
Deferred tax assets on
Net operating loss carryforwards:
- United States	$	282,546		$	37,539
- Taiwan		55,612			9,229
- Hong Kong		394			213
- PRC		-			183,367
Total		338,552			230,348
Less: valuation allowance		(338,552	)		(230,348	)
Deferred tax assets, net	$	-		$	-

As of December 31, 2023, the operations from the Company’s continuing operations had $1,345,455 of net operating losses which can be carried forward to offset future taxable income. The Company has provided for a full valuation allowance against the deferred tax assets of $338,552 on the expected future tax benefits from the net operating loss from the Company’s continuing operations carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.