Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 315

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 315
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 of RM 4,000. |

Hong Kong subsidiaries

| — | Mandatory Provident Fund (“MPF”) — 5% based        
 on employee’s monthly salary capped of HKD 30,000; |

Brazil subsidiary

| — | Employees’ Severance Indemnity Fund (“FGTS”) 
 — 8% based on employee’s monthly salary;     |

| — | Social Security Contribution (“INSS”) — up                     
 to 14% based on employee’s monthly salary capped of BRL 7,507; |

Revenue
represents the invoiced value of service, net of applicable GST. The GST is chargeable on gross sales price. In Singapore, GST rate is
8% on gross sales price for calendar year 2023 and 9% for calendar year 2024. Entities that are GST-registered are allowed to offset
qualified input GST paid to suppliers against their output GST liabilities. Net GST balance between input GST and output GST is recorded
in tax payable or receivable.

<div align='center'>F-72

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

The
Company accounts for income taxes in accordance with ASC 740, Income tax . The charge for taxation is based on the results for the
fiscal year and adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or
substantively enacted by the balance sheet date

Deferred
tax is calculated using the balance sheet liability method in respect of temporary differences arising from differences between the carrying
amount of assets and liabilities in the unaudited condensed consolidated financial statements and the corresponding tax basis. In principle,
deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that
it is more likely than not that taxable income will be utilized with prior net operating loss carried forwards using tax rates that are
expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income
statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation
allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not
be utilized. Current income taxes are provided for in accordance with the laws of the relevant tax authorities