Income Tax (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Income Tax [Abstract]

Schedule of Tax on Losses

Tax on losses have been calculated at the rates of tax prevailing in the countries/jurisdictions in which the Group operates.

	For the six months ended June 30,
	2024		2023
	(Unaudited)		(Unaudited)
	US$		US$
Current
Charge for the period		57,256		34,352
Deferred		203		-
Total tax expense for the period		57,459		34,352

Tax on losses have been calculated at the rates of tax prevailing in the countries/jurisdictions in which the Group operates.

	2023			2022			2021
	US$			US$			US$
Current
Charge for the year		64,343			28,516			26,647
Overprovision in prior years		-			-			(26,778	)
Deferred (note 24)		(1,360	)		(280,295	)		(38,042	)
Income tax expense/(credit) for the year		62,983			(251,779	)		(38,173	)

Schedule of Loss Before Tax at the Statutory Tax Rate

A reconciliation of the tax expense/(credit) applicable to loss before tax at the statutory tax rate for the countries/jurisdictions in which the Group’s operations are domiciled to the tax credit at the Group’s effective tax rate is as follows:

	2023			2022			2021
	US$			US$			US$
Loss before tax		(172,537,530	)		(49,693,594	)		(30,970,178	)
Tax credit at the domestic rates applicable to losses in the countries/jurisdictions where the Group operates		(3,809,856	)		(7,164,497	)		(5,220,261	)
Income not subject to tax		(180,380	)		(134,867	)		(13,785	)
Expenses not deductible for tax		1,511,627			4,606,490			2,883,631
Adjustments in respect of current tax of previous periods		-			-			(26,778	)
Tax losses and deductible temporary differences not recognized		2,771,027			2,448,213			2,453,971
Tax losses and deductible temporary differences utilized from previous periods		(282,239	)		(4,352	)		(118,103	)
Others		52,804			(2,766	)		3,152
Income tax expense/(credit) at the Group’s effective tax rate		62,983			(251,779	)		(38,173	)