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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

SCHEDULE OF COMPONENTS OF PROVISION FOR INCOME TAX

The provision for income taxes consisted of the following:

 SCHEDULE OF COMPONENTS OF PROVISION FOR INCOME TAX

		2022				2021				2020
		Financial Years ended December 31,
		2022				2021				2020
		$’000				$’000				$’000
Income tax current year			529				500				137
Over provision for previous years			-				(270	)			-
Deferred tax			-				-				(134	)
Income tax expense			529				230				3

SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE

The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the financial years ended December 31, 2022, 2021 and 2020 are as follows:

 SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE

		$’000				$’000				$’000
		Financial Years ended December 31,
		2022				2021				2020
		$’000				$’000				$’000
Income before income taxes			1,557				2,031				1,322
Statutory income tax rate			17	%			17	%			17	%
Income tax expense at statutory rate			265				345				225
Tax effect of non-taxable income			(62	)			-				(144	)
Tax effect of non-deductible items			339				156				61
Tax refund			-				(263	)			-
Tax holiday			(13	)			(8	)			(139	)
Income tax expense			529				230				3

SCHEDULE OF DEFERRED INCOME TAX ASSETS

The following table sets forth the significant components of the deferred tax assets and liabilities of the Company as of December 31, 2022 and 2021:

  SCHEDULE OF DEFERRED INCOME TAX ASSETS

		As of December 31,
		2022				2021
		$’000				$’000
Deferred tax asset:
Accelerated tax depreciation			8				8

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- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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