INCOME TAX (CREDITS) EXPENSES

12 Months Ended

Dec. 31, 2024

Income Tax Credits Expenses

INCOME TAX (CREDITS) EXPENSES

21 INCOME TAX (CREDITS) EXPENSES

British Virgin Islands

The Company and our subsidiaries incorporated in British Virgin Islands currently enjoy permanent income tax holidays; accordingly, the Company and our subsidiaries incorporated in the British Virgin Islands do not accrue for income taxes.

Peru

Our subsidiaries incorporated in Peru are considered as Peru tax residents under Peru tax laws; accordingly, they are subject to corporate income tax on their taxable income under Peru tax laws at statutory tax rates ranging from 5% to 29.5% (2023: 5% to 29.5%, 2022: 5% to 29.5%), depending on the city where the subsidiaries are situated and operated.

France

Our subsidiary incorporated in France is considered as France tax resident under France tax laws; accordingly, it is subject to corporate income tax on their taxable income under France tax laws at a statutory tax rate of 25.0% (2023: 25.0%, 2022: 33.3%).

China

Our subsidiary incorporated in China is considered as China tax resident under China tax laws; accordingly, it is subject to corporate income tax on their taxable income under China tax laws at a statutory tax rate of 25% (2023: 25%, 2022: 25%).

Macau

Our subsidiary incorporated in Macau is considered as Macau tax resident under Macau tax laws; accordingly, it is subject to corporate income tax on their taxable income under Macau tax laws at a statutory tax rate of 12% (2023: 12%, 2022: 12%).

Hong Kong

Our subsidiary incorporated in Hong Kong is subject to corporate income tax on their taxable income under Hong Kong tax laws at a statutory tax rate of 16.5% (2023: 16.5%, 2022: 16.5%).

The income tax provision consists of the following components:

	2024			2023			2022
	USD			USD			USD
Current tax		16,308			29,186			431,925
Over-provision of tax in prior years		(89,823	)		(72,040	)		-
Total		(73,515	)		(42,854	)		431,925

The income tax (credits) expenses for the years can be reconciled to the (loss) profit before income tax per the consolidated statement of profit or loss as follows:

	2024			2023			2022
	USD			USD			USD
(Loss) profit before income tax		(8,802,044	)		(11,976,182	)		5,210,820
Tax at the respective income tax rates		(1,061,700	)		(1,418,569	)		847,763
Tax effect of expenses not deductible for tax purpose		1,307,549			1,683,289			649,932
Tax effect of income not taxable for tax purpose		(229,541	)		(235,534	)		(850,911	)
Utilization of tax losses previously not recognized		-			-			(214,859	)
Over-provision in respect of prior years		(89,823	)		(72,040	)		-
Total		(73,515	)		(42,854	)		431,925