XML 209 R30.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

INCOME TAX | 12 Months Ended
--- | ---
Dec. 31, 2023
Seamless Group Inc [Member] |
INCOME TAX | 17 Income tax 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 | )
The Company is incorporated in Cayman Islands and is not subject to corporate income tax under its relevant regulations. For the Company’s subsidiaries incorporated in Hong Kong, they are subject to a corporate tax rate of 16.5% on the assessable profits arising from Hong Kong. For the Company’s subsidiaries incorporated in Malaysia, they are subject to corporate tax rate on 24% on the assessable profits arising from Malaysia. For the Company’s subsidiaries incorporated in Indonesia, they are subject to a corporate tax rate of 22% on the assessable profits arising from Indonesia. For the Company’s subsidiary incorporated in Singapore, it is subject to a corporate tax rate of 17% on the assessable profits arising from Singapore. No provision for Singapore profits tax has been made in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2023 and 2022. For the Company’s subsidiary incorporated in United Kingdom, it is subject to a corporate tax rate of 19% on the assessable profits arising from United Kingdom. No provision for United Kingdom profits tax has been made in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2023 and 2022. SEAMLESS GROUP INC. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
17 | Income tax (Continued)
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 |
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 |
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 | )
SEAMLESS GROUP INC. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
17 | Income tax (Continued)
As of December 31, 2023 and 2022, management has recorded a valuation allowance on certain deferred tax assets where management believes that after considering all of the available evidence, it is more likely than not that some portion or all will not be realized in the foreseeable future. The ultimate realization of deferred tax assets depends on the generation of future taxable income in which those temporary differences and carry forwards become deductible. As of December 31, 2023 and 2022, the accumulated tax losses of subsidiaries can be carried forward to offset against future taxable profits. The tax loss for the subsidiary incorporated in Hong Kong is US$46,778,609 and US$41,238,871 as of December 31, 2023 and 2022, respectively, which can be carried forward indefinitely. As of December 31, 2023 and 2022, the accumulated tax losses of subsidiaries can be carried forward to offset against future taxable profits. The tax loss for the subsidiary incorporated in Singapore is US$94,611 and US$385,862 as of December 31, 2023 and 2022, respectively, which can be carried forward indefinitely. The tax loss in the subsidiary incorporated in United Kingdom is US$517,015 and US$566,925 as of December 31, 2023 and 2022, respectively, which can be carried forward indefinitely. The tax loss in the subsidiaries incorporated in Indonesia is US$2,349,921 and US$2,605,545 as of December 31, 2023 and 2022, respectively, which will expire, if unused, in the year ending December 31, 2023. The tax loss in the subsidiaries incorporated in Malaysia is US$8,439 and US$444,983 as of December 31, 2023 and 2022, respectively, which will expire, if unused, in the year ending December 31, 2031.

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=IFIN_SeamlessGroupIncMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |