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Income tax | 12 Months Ended
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Dec. 31, 2024
Notes and other explanatory information [abstract] |
Income tax | 9. Income tax For the years ended December 31, 2024, 2023 and 2022, under the two-tiered profits tax rates regime in Hong Kong, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. Provision for Taiwan Corporate Income Tax has been made at 20% on the estimated assessable profits. MasterBeef Group and its subsidiaries Notes to the Consolidated Financial Statements (Continued) December 31, 2024, 2023 and 2022 9. Income tax (continued) Details of income tax are as follows:- Schedule of income tax
|  | 2024 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
|  | US$ |  |  | HK$ |  |  | HK$ |  |  | HK$ |
Current tax – Hong Kong |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- current year provision |  |  | 968,491 |  |  |  | 7,522,946 |  |  |  | 6,407,506 |  |  |  | 6,113,619 |
- prior year (over)/under provision |  |  | (1,278 | ) |  |  | (9,923 | ) |  |  | (1,049 | ) |  |  | 48,364 |
Current tax – Taiwan |  |  | 743 |  |  |  | 5,775 |  |  |  | - |  |  |  | 29,431 |
Total current tax |  |  | 967,956 |  |  |  | 7,518,798 |  |  |  | 6,406,457 |  |  |  | 6,191,414 |
Deferred tax (Note 14) |  |  | (618,598 | ) |  |  | (4,805,091 | ) |  |  | 1,251,531 |  |  |  | (1,811,065 | )
Total tax expenses for the year |  |  | 349,358 |  |  |  | 2,713,707 |  |  |  | 7,657,988 |  |  |  | 4,380,349 |
A reconciliation of the tax expense applicable to profit/(loss) before tax at the statutory rates for the jurisdictions or countries in which the Group and the majority of its subsidiaries are domiciled to the tax expense at the effective tax rates is as follows:- Schedule of income tax expense at the effective tax rates
|  | 2024 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
|  | US$ |  |  | HK$ |  |  | HK$ |  |  | HK$ |
Profit/(loss) before tax |  |  | 4,584,903 |  |  |  | 35,614,151 |  |  |  | (29,788,123 | ) |  |  | 37,789,702 |
Tax at applicable rate |  |  | 742,371 |  |  |  | 5,766,512 |  |  |  | (5,018,726 | ) |  |  | 6,126,766 |
Income not subject to tax |  |  | (1,434,439 | ) |  |  | (11,142,285 | ) |  |  | (177,009 | ) |  |  | (2,082,326 | )
Non-deductible expenses |  |  | 323,638 |  |  |  | 2,513,924 |  |  |  | 4,613,617 |  |  |  | 316,177 |
Income tax exemption and rebate |  |  | (1,351 | ) |  |  | (10,500 | ) |  |  | (30,000 | ) |  |  | (42,000 | )
Tax effect of deductible temporary differences not recognized |  |  | 171,424 |  |  |  | 1,331,573 |  |  |  | 4,213,670 |  |  |  | 512,372 |
Utilisation of previously unrecognised tax losses |  |  | (50,855 | ) |  |  | (395,030 | ) |  |  | (1,052,220 | ) |  |  | (936,952 | )
(Over)/ under provision for previous year |  |  | (1,278 | ) |  |  | (9,923 | ) |  |  | (1,049 | ) |  |  | 48,364 |
Difference in tax rate in different countries |  |  | 743 |  |  |  | 5,775 |  |  |  | - |  |  |  | 5,176 |
Tax losses not recognised |  |  | 599,105 |  |  |  | 4,653,661 |  |  |  | 5,146,140 |  |  |  | 431,755 |
Others |  |  | - |  |  |  | - |  |  |  | (36,435 | ) |  |  | 1,017 |
Tax charge at the group’s effective rate |  |  | 349,358 |  |  |  | 2,713,707 |  |  |  | 7,657,988 |  |  |  | 4,380,349 |
Unrecognised tax losses Deferred income tax assets are recognised for tax losses carried forward to the extent that recognised of the related tax benefits through future taxable profits is probable. The Group have the unrecognised tax losses of approximately HK$33,355,000 (2023: HK$38,515,000 and 2022: 7,326,000) at the reporting date which can be carried forward and used to offset against future taxable income subject to meeting certain statutory requirements. The tax losses have no expiry date. In the opinion of the directors, no deferred tax assets have been recognised due to unpredictability of future profit streams. MasterBeef Group and its subsidiaries Notes to the Consolidated Financial Statements (Continued) December 31, 2024, 2023 and 2022

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