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Income Taxes | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Income Tax Disclosure [Abstract] |  |
Income Taxes | 11. Income Taxes Cayman Islands and British Virgin Islands Under the current laws of the Cayman Islands and the British Virgin Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands and BVI withholding tax will be imposed. Singapore In accordance with the relevant tax laws and regulations of Singapore, a company registered in Singapore is subject to income taxes at a flat rate of 17%. Schedule of Relevant Tax Laws and Regulations
|  | For the six months ended June 30, |
|  | 2023 SGD |  |  | 2024 SGD |  |  | 2024 USD |
(Loss) income before provision for income taxes is attributable to the following geographic locations: |  |  |  |  |  |  |  |  |  |  |  |
Singapore |  |  | (499,557 | ) |  |  | 103,697 |  |  |  | 76,736 |
Foreign |  |  | - |  |  |  | - |  |  |  | - |
Total (loss) income before income taxes |  |  | (499,557 | ) |  |  | 103,697 |  |  |  | 76,736 |
The following table reconciles Singapore statutory rates to the Company’s effective tax: Schedule of Reconciles Singapore Statutory Rates
|  | For the six months ended |
|  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2024 |
|  | SGD |  |  | SGD |  |  | USD |
(Loss) income before income taxes |  |  | (499,557 | ) |  |  | 103,697 |  |  |  | 76,736 |
Singapore statutory income tax rate |  |  | 17 | % |  |  | 17 | % |  |  | 17 | %
Non-deductible depreciation |  |  | 0 | % |  |  | 13 | % |  |  | 13 | %
Non-deductible professional fees |  |  | -0 | % |  |  | 59 | % |  |  | 59 | %
Other non-deductible expenses |  |  | -24 | % |  |  | 2 | % |  |  | 2 | %
Tax rebate and exemption |  |  | 0 | % |  |  | -9 | % |  |  | -9 | %
Effective tax rate |  |  | -7 | % |  |  | 82 | % |  |  | 82 | %
The Company measures deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities at the applicable tax rates. Components of the Company’s deferred tax asset and liability are as follows: Deferred tax assets as below, Schedule of Deferred tax Assets
|  | December 31, 2023 |  |  | June 30, 2024 |  |  | June 30, 2024 |
|  | SGD |  |  | SGD |  |  | USD |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |
Bad debt provision |  |  | 270,556 |  |  |  | 278,514 |  |  |  | 206,100 |
Lease liabilities |  |  | 4,726 |  |  |  | 183,711 |  |  |  | 135,946 |
Total deferred tax assets |  |  | 275,282 |  |  |  | 462,225 |  |  |  | 342,046 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use assets |  |  | (7,069 | ) |  |  | (177,838 | ) |  |  | (131,600 | )
Total deferred tax liabilities |  |  | (7,069 | ) |  |  | (177,838 | ) |  |  | (131,600 | )
Net deferred tax assets |  |  | 268,213 |  |  |  | 284,387 |  |  |  | 210,446 |
FBS GLOBAL LIMITED Notes to Condensed Consolidated Financial Statements (Unaudited) Uncertain tax positions The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2023 and June 30, 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income taxes for the six months ended June 30, 2023 and 2024. The Company also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from June 30, 2024. | 11. Income Taxes Cayman Islands and British Virgin Islands Under the current laws of the Cayman Islands and the British Virgin Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands and BVI withholding tax will be imposed. Singapore In accordance with the relevant tax laws and regulations of Singapore, a company registered in Singapore is subject to income taxes at a flat rate of 17%. Schedule of Relevant Tax Laws and Regulations
|  | For the years ended December 31, |
|  | 2022 SGD |  |  | 2023 SGD |  |  | 2023 USD |
Income before provision for income taxes is attributable to the following geographic locations: |  |  |  |  |  |  |  |  |  |  |  |
Singapore |  |  | 210,917 |  |  |  | (33,313 | ) |  |  | (24,651 | )
Foreign |  |  | - |  |  |  | - |  |  |  | - |
Total income before income taxes |  |  | 210,917 |  |  |  | (33,313 | ) |  |  | (24,651 | )
The following table reconciles Singapore statutory rates to the Company’s effective tax: Schedule of Reconciles Singapore Statutory Rates
|  | For the years ended December 31, |
|  | 2022 SGD |  |  | 2023 SGD |  |  | 2023 USD |
Profit before income taxes |  |  | 210,917 |  |  |  | (33,313 | ) |  |  | (24,651 | )
Singapore statutory income tax rate |  |  | 17 | % |  |  | 17 | % |  |  | 17 | %
Non-deductible depreciation |  |  | 9 | % |  |  | -70 | % |  |  | -70 | %
Non-deductible professional fees |  |  | 62 | % |  |  | -467 | % |  |  | -467 | %
Other non-deductible expenses |  |  | 5 | % |  |  | -39 | % |  |  | -39 | %
Tax rebate and exemption |  |  | -26 | % |  |  | 673 | % |  |  | 673 | %
Effective tax rate |  |  | 67 | % |  |  | 114 | % |  |  | 114 | %
The Company measures deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities at the applicable tax rates. Components of the Company’s deferred tax asset and liability are as follows: Deferred tax assets as of December 31, Schedule of Deferred tax Assets
|  | 2022 SGD |  |  | 2023 SGD |  |  | 2023 USD |
Bad debt provision |  |  | 276,791 |  |  |  | 270,556 |  |  |  | 200,212 |
Lease liabilities |  |  | 7,562 |  |  |  | 4,726 |  |  |  | 3,497 |
Total deferred tax assets |  |  | 284,353 |  |  |  | 275,282 |  |  |  | 203,709 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use assets |  |  | (11,575 | ) |  |  | (7,069 | ) |  |  | (5,231 | )
Total deferred tax liabilities |  |  | (11,575 | ) |  |  | (7,069 | ) |  |  | (5,231 | )
Net deferred tax asset: |  |  | 272,778 |  |  |  | 268,213 |  |  |  | 198,478 |
FBS GLOBAL LIMITED Notes to Consolidated Financial Statements Uncertain tax positions The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2022 and 2023, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income taxes for the years ended December 31, 2022 and 2023. The Company also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from December 31, 2023. The tax years ended December 31, 2019 through 2022 for the Group’s subsidiary in the Singapore is generally subject to examination by the Singapore tax authorities.

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