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INCOME TAXES
3 Months Ended
Mar. 31, 2020
INCOME TAXES  
NOTE 8 - INCOME TAXES

Provision for income taxes consisted of the following:

 

United States of America

 

The Company is registered in the State of Wyoming and is subject to the tax laws of the United States of America.

 

Malaysia

 

Bionexus Gene Lab Sdn Bhd are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range is 24% on its assessable income.

 

 

 

As of

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Tax Recoverable

 

 

 

 

 

 

Local

 

$-

 

 

$-

 

Foreign, representing:

 

 

 

 

 

 

 

 

Malaysia

 

 

(3,040)

 

 

(2,858)

Tax Recoverable

 

 

(3,040)

 

 

(2,858)

 

 

 

 

 

 

 

 

 

Income tax liabilities:

 

 

 

 

 

 

 

 

Local

 

$-

 

 

$-

 

Foreign, representing:

 

 

 

 

 

 

 

 

Malaysia

 

 

-

 

 

 

-

 

Income tax liabilities

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Plant and equipment

 

 

 

 

 

 

 

 

Local

 

$-

 

 

$-

 

Foreign, representing:

 

 

 

 

 

 

 

 

Malaysia

 

 

-

 

 

 

-

 

Deferred tax liabilities

 

 

-

 

 

 

-

 

Total

 

 

(3,040)

 

 

(2,858)