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INCOME TAX (Tables) - Seamless Group Inc [Member]

12 Months Ended

Dec. 31, 2022

SCHEDULE OF INCOME BEFORE INCOME TAX

The Company’s loss before income tax consists of:

SCHEDULE OF INCOME BEFORE INCOME TAX

		2021				2021
		Years ended December 31,
		2021				2021
		US$				US$
Malaysia			1,606,867				4,235,091
Indonesia			1,609,362				561,712
Hong Kong			(18,818,064	)			(17,250,286	)
Others			(10,096	)			321,886
Loss before income tax			(15,611,931	)			(12,131,597	)

SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE

Income tax expense consists of:

SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE

		2022				2021
		Years ended December 31,
		2022				2021
		US$				US$
Income tax expense			507,740				1,123,437
Deferred income tax benefit			(393,958	)			(369,734	)
Income tax expense benefit			113,782				753,703

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

		2022				2021
		Years ended December 31,
		2022				2021
		US$				US$
Income before income tax			(15,611,931	)			(12,131,597	)
Tax calculated at Hong Kong profits tax rate			(2,576,217	)			(2,001,717	)
Effect of different tax rates applicable to different jurisdictions			2,244,573				2,227,715
Income not subject to tax			(567,161	)			(291,197	)
Non-deductible expenses			658,533				212,759
Change in valuation allowance			245,220				318,215
Underprovision of current tax in the previous financial year			48,182				228,936
Tax effect on deductible temporary differences			46,624				58,992
Others			14,028				—
Income tax			113,782				753,703

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 are attributable to the following:

 SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

		2022				2021
		December 31,
		2022				2021
		US$				US$
Deferred tax assets
Tax losses carried forward			7,526,178				6,341,531
Equipment			(90,113	)			(85,534	)
Accrued expenses			354,988				189,163
Others			39,290				—
Deferred tax gross			7,830,343				6,445,160
Valuation allowance			(7,061,726	)			(6,339,009	)
Total deferred tax assets			768,617				106,151
Deferred tax liabilities
Fixed assets			—				—
Intangible assets			(1,554,721	)			(1,924,455	)
Others			(61,622	)			(61,622	)
Total deferred tax liabilities			(1,616,343	)			(1,986,077	)
Net deferred tax liabilities			(847,727	)			(1,879,926	)

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Topic 740
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-Paragraph 9
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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