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INCOME TAX EXPENSES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAX EXPENSES

14. INCOME TAX EXPENSES

 

Caymans Islands

 

The Company is domiciled in the Cayman Islands. This locality currently enjoys permanent income tax holidays; accordingly, the Company does not accrue for income taxes.

 

Singapore

 

The Company’s subsidiaries, Maxwill Pte. Ltd., Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd., Maxwill Foodlink Pte. Ltd. and Davis Commodities Pte. Ltd., are considered Singapore tax resident enterprises under Singapore tax laws. Accordingly, they are subject to enterprise income tax on their taxable income as determined under Singapore tax laws and accounting standards at a statutory tax rate of 17% (2023: 17%).

 

The income tax provision consists of the following components:

            
   For the years ended
December 31,		 
   2022   2023   2024 
   US$’000   US$’000   US$’000 
Income tax:               
Current year   920    150    15 
Underprovision in prior year   –    –    163 
Deferred tax   –    (1)   – 
Income tax expense   920    149    178 

 

The income tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate of 17% (2023: 17%) to profit before income tax as a result of the following differences:

            
   For the years ended
December 31,		 
   2022   2023   2024 
   US$’000   US$’000   US$’000 
Income/(loss) before tax expenses:   5,535    1,235    (3,351)
                
Tax at the domestic income tax rate   941    210    (570)
Tax effect of expenses that are not deductible in determining taxable profit   12    21    142 
Non-taxable incomes   (6)   (7)   *– 
Tax exemption   (26)   (15)   (15)
Tax losses claimed   –    –    473 
Tax rebate   –    –    (15)
Capital allowances and rebate   (1)   (155)   – 
Others   –    95    163 
Total income tax expenses   920    149    178 

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* denotes amount less than US$1,000.