INCOME TAXES

6 Months Ended

Jun. 30, 2022

INCOME TAXES

INCOME TAXES

NOTE 5 - INCOME TAXES

The Company provides for income taxes under ASC 740, “Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statements and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. It also requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

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.

Bionexus Gene Lab Sdn. Bhd. and Chemrex Corporation Sdn. Bhd. are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range is 24% on its assessable income. Under the amendment of Income Tax Act 1967 by the Finance Act 2019 and with effect from year of assessment 2021, companies with paid-up capital of MYR2.5 million or less, and with annual business income of not more than RM50 million are subject to Small and Medium Enterprise Corporate Tax at 17% on chargeable income up to MYR600,000 except for companies with investment holding nature or companies does not have gross income from business sources are subject to corporate tax at 24% on chargeable income.

	As of
	June 30,			December 31,
	2022			2021
Tax Recoverable
Local	$	-		$	-
Foreign, representing Malaysia		(3,388	)		-
Tax Recoverable		(3,388	)		-
Income tax liabilities:
Local	$	-		$	-
Foreign, representing Malaysia		40,104			97,585
Income tax payables		40,104			97,585
Deferred tax liabilities:
Local	$	-		$	-
Foreign, representing Malaysia		26,850			28,416
Deferred tax liabilities		26,850			28,416
Total		63,566			126,001