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Taxes

12 Months Ended

Dec. 31, 2025

25

Taxes

25.1	Components of provision for income taxes

The components of the provision for income taxes were as follows:


		For the year ended 31 December
		2025		2024		2023
		USD		USD		USD
Income tax benefit		78,018		—		41,305
		78,018		—		41,305

25.2	Deferred tax asset

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes at the enacted rates. The significant components of the Group’s deferred tax assets resulted from the carried forward tax losses from current and previous year which are expected to be recoverable once the group is able to generate taxable income in future periods. The movement of deferred tax assets during the year was as follows:


		As of 31 December
		2025		2024
		USD		USD
As of 1 January		5,288,913		9,468,808
Income tax benefit		78,018		—
Expiration		-		(563,709)
Reversal		(233,084)		—
Foreign currency adjustments		352,957		(3,616,186)
As of 31 December		5,486,804		5,288,913

25.3	UAE Federal Corporate Tax

The Group has recognized an income tax benefit of $78,018 on account of the losses in the United Arab Emirates which are expected to be recoverable from future taxable income periods.