Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 113

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 10
Chunk 113
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 the Section 1014 basis
minus the decedent’s adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent’s
passing, the PFIC rules will cause any new U. S. Holder that inherits our Ordinary Shares from a U. S. Holder to not get a step-up in basis
under Section 1014 and instead will receive a carryover basis in those Ordinary Shares.

You
are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our Ordinary Shares and the
elections discussed above.

Information
Reporting and Backup Withholding

Dividend
payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject
to information reporting to the U. S. Internal Revenue Service and possible U. S. backup withholding under Section 3406 of the US Internal
Revenue Code with at a current flat rate of 24%. Backup withholding will not apply, however, to a U. S. Holder who furnishes a correct
taxpayer identification number and makes any other required certification on U. S. Internal Revenue Service Form W-9 or who is otherwise
exempt from backup withholding. U. S. Holders who are required to establish their exempt status generally must provide such certification
on U. S. Internal Revenue Service Form W-9. U. S. Holders are urged to consult their tax advisors regarding the application of the U. S.
information reporting and backup withholding rules.

Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U. S. federal income tax liability,
and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund
with the U. S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders.
Transactions effected through certain brokers or other intermediaries, however, may be subject to withholding taxes (including backup
withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

Under
the Hiring Incentives to Restore Employment Act of 2010, certain U. S. Holders are required to report information relating to our Ordinary
Shares, subject to certain exceptions (including an exception for Ordinary Shares held in accounts maintained by certain financial institutions),
by attaching a complete Internal Revenue Service Form 8938, Statement of