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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 14 – INCOME TAXES British Virgin Islands VSME, VSM and VS Media BVI are incorporated in the British Virgin Islands and are not subject to tax on income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed. HK SAR On March 21, 2018, the HK SAR Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the “Bill”) which introduces the two-tiered profits tax rates regime. The Bill was signed into law on March 21, 2018 and was gazetted on the following day. Under the two-tiered profits tax rates regime, 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%. Accordingly, the HK SAR profits tax is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million. Taiwan For the years ended December 31, 2024 and 2023, the Company applied a tax rate of 20% subject to the R.O.C. Income Tax Law. Singapore For the years ended December 31, 2024 and 2023, Singapore corporate income tax is calculated at the rate of 17% on the chargeable income of the subsidiaries incorporated in Singapore in accordance with Singapore Income Tax Act. The Company’s effective tax rate was as follows as of December 31, 2024 and 2023: SCHEDULE OF EFFECTIVE TAX RATE
|  | 2024 |  |  | 2023 |
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Statutory rates in HK SAR |  |  | 16.5 | % |  |  | 16.5 | %
Statutory rates in Taiwan |  |  | 20.0 | % |  |  | 20.0 | %
Statutory rates in Singapore |  |  | 17.0 | % |  |  | 17.0 | %
Statutory rates |  |  | 17.0 | % |  |  | 17.0 | %
Tax effect of income not taxable in HK SAR |  |  | (16.5 | )% |  |  | (16.5 | )%
Tax effect on utilization of tax losses in Taiwan |  |  | (20.0 | )% |  |  | (20.0 | )%
Tax effect of income not taxable in Singapore |  |  | (17.0 | )% |  |  | (17.0 | )%
Tax effect of income not taxable |  |  | (17.0 | )% |  |  | (17.0 | )%
The Company’s effective tax rate |  |  | 0.0 | % |  |  | 0.0 | %

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