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INCOME TAX (Tables) - Seamless Group Inc. [Member]
 12 Months Ended
Dec. 31, 2023
SCHEDULE OF INCOME BEFORE INCOME TAX

The Company’s loss before income tax consists of:

SCHEDULE OF INCOME BEFORE INCOME TAX

 

           
   Years ended December 31, 
   2023   2022 
   US$   US$ 
         
Malaysia   2,042,746    1,606,867 
Indonesia   (786,490)   1,609,362 
Hong Kong   (15,141,598)   (18,818,064)
Others   (8,963)   (10,096)
Loss before income tax   (13,894,305)   (15,611,931)
SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE

Income tax expense consists of:

SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE

 

           
   Years ended December 31, 
   2023   2022 
   US$   US$ 
         
Income tax expense   797,147    507,740 
Deferred income tax benefit   (273,666)   (393,958)
Income tax expense benefit   523,481    113,782 
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

A reconciliation of the income tax expense to the amount computed by applying the current statutory tax rate to the income before income tax in the consolidated statements of operations and comprehensive loss is as follows:

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

 

           
   Years ended December 31, 
   2023   2022 
   US$   US$ 
         
Income before income tax   (13,894,305)   (15,611,931)
Tax calculated at Hong Kong profits tax rate   (2,292,560)   (2,576,217)
Effect of different tax rates applicable to different jurisdictions   1,637,665    2,244,573 
Income not subject to tax   (48,307)   (567,161)
Non-deductible expenses   132,796    658,533 
Change in valuation allowance   846,827    245,220 
Underprovision of current tax in the previous financial year   125,217    48,182 
Tax effect on deductible temporary differences   7,918    46,624 
Others   113,925    14,028 
Income tax   523,481    113,782 
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 are attributable to the following:

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

 

           
   December 31, 
   2023   2022 
   US$   US$ 
Deferred tax assets          
Tax losses carried forward   8,266,115    7,526,178 
Equipment   (65,050)   (90,113)
Accrued expenses   296,576    354,988 
Others   54,560    39,290 
Deferred tax gross   8,552,201    7,830,343 
Valuation allowance   (7,887,313)   (7,061,726)
Total deferred tax assets   664,888    768,617 
           
Deferred tax liabilities          
Fixed assets   —    — 
Intangible assets   (1,184,987)   (1,554,721)
Others   (61,773)   (61,622)
Total deferred tax liabilities   (1,246,760)   (1,616,343)
           
Net deferred tax liabilities   (581,872)   (847,727)