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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Taxes [Abstract] |
INCOME TAXES | Note 13 — INCOME TAXES Income tax Cayman Islands The Company is incorporated in the Cayman Islands and is not subject to tax on income or capital gains under current Cayman Islands law. In addition, upon payments of dividends by the Company entities to their shareholders, no Cayman Islands withholding tax will be imposed. Accordingly, the Company does not accrue for taxes. British Virgin Islands (“BVI”) Under the current laws of the BVI, the Company’s subsidiary incorporated in BVI is not subject to tax on income or capital gains. Additionally, upon payments of dividends by the BVI company to its respective shareholders, no BVI withholding tax will be imposed. Singapore The Company’s main operating subsidiary is incorporated in Singapore and is subject to income taxes on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant tax laws and regulations of Singapore. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax. The following table reconciles Singapore statutory rates to the Company’s effective tax rate:
|  | For the Years Ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2024 |
|  | S$ |  |  | S$ |  |  | S$ |  |  | $ |
Income tax expenses |  |  |  |  |  |  |  |  |  |  |  |
Current income tax expenses |  |  | 112,457 |  |  |  | — |  |  |  | 20,597 |  |  |  | 15,076 |
Deferred income tax (benefit)/expenses |  |  | (1,402 | ) |  |  | 478,009 |  |  |  | (186,547 | ) |  |  | (136,544 | )
Income tax expenses (benefit) |  |  | 111,055 |  |  |  | 478,009 |  |  |  | (165,950 | ) |  |  | (121,468 | )
Income before tax |  |  | 728,780 |  |  |  | 2,868,175 |  |  |  | (1,197,088 | ) |  |  | (876,218 | )
Singapore statutory income tax rate |  |  | 17 | % |  |  | 17 | % |  |  | 17 | % |  |  | 17 | %
Income tax expenses computed at Singapore statutory rate |  |  | 123,893 |  |  |  | 487,590 |  |  |  | (203,505 | ) |  |  | (148,957 | )
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deductible expenses |  |  | 4,587 |  |  |  | 7,530 |  |  |  | 5,916 |  |  |  | 4,331 |
Tax exemption and rebates |  |  | (17,425 | ) |  |  | — |  |  |  | — |  |  |  | — |
Difference from the effect of tax rates in a foreign jurisdiction |  |  | — |  |  |  | — |  |  |  | 31,639 |  |  |  | 23,158 |
Others |  |  | — |  |  |  | (17,111 | ) |  |  | — |  |  |  | — |
Income tax expenses (benefit) |  |  | 111,055 |  |  |  | 478,009 |  |  |  | (165,950 | ) |  |  | (121,468 | )
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:
|  | As of December 31, |
|  | 2023 |  |  | 2024 |  |  | 2024 |
|  | S$ |  |  | S$ |  |  | $ |
Deferred tax assets |  |  |  |  |  |  |  |  |
Allowance for credit losses |  |  | — |  |  |  | 10,369 |  |  |  | 7,590 |
Lease liabilities |  |  | 35,415 |  |  |  | 66,845 |  |  |  | 48,928 |
Net operating loss carry-forwards |  |  | 226,384 |  |  |  | 150,781 |  |  |  | 110,364 |
Depreciation |  |  | — |  |  |  | 7,421 |  |  |  | 5,432 |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use assets |  |  | (33,244 | ) |  |  | (66,416 | ) |  |  | (48,614 | )
Depreciation |  |  | (6,586 | ) |  |  | — |  |  |  | — |
Unbilled revenue |  |  | (800,352 | ) |  |  | (560,836 | ) |  |  | (410,507 | )
Deferred tax liabilities, net |  |  | (578,383 | ) |  |  | (391,836 | ) |  |  | (286,807 | )
As the deferred tax assets and deferred tax liabilities are generated from the same entity, Springview (S), hence the deferred tax assets and deferred tax liabilities are eligible to net off with each other.

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