Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 61

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 10
Chunk 61
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except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of the
Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our company.
There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends
and capital in respect of the shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the
payment of a dividend or capital to any holder of our Ordinary Shares, nor will gains derived from the disposal of our Ordinary Shares
be subject to Cayman Islands income or corporation tax.

Hong Kong Taxation

The following summary
of certain relevant taxation provisions under the laws of Hong Kong is based on current law and practice and is subject to changes therein.
This summary does not purport to address all possible tax consequences relating to purchasing, holding or selling our Ordinary Shares,
and does not take into account the specific circumstances of any particular investors, some of whom may be subject to special rules. Accordingly,
holders or prospective purchasers (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt
entities) should consult their own tax advisers regarding the tax consequences of purchasing, holding or selling our Ordinary Shares.
Under the current laws of Hong Kong:

  No profit tax is imposed in Hong Kong in respect of capital gains from the sale of the Ordinary Shares.  

  Revenues gains from the sale of our Ordinary Shares by persons carrying on a trade, profession or business in Hong Kong where the gains are derived from or arise in Hong Kong from the trade, pr...  

  Gains arising from the sale of Ordinary Shares, where the purchases and sales of the Ordinary Shares are effected outside of Hong Kong such as, for example, on Cayman Islands, should not be sub...  

According to the current
tax practice of the Hong Kong Inland Revenue Department, dividends paid on the Ordinary Shares would not be subject to any Hong Kong tax.

No Hong Kong stamp duty
is payable on the purchase and sale of the Ordinary Shares.

United States Federal
Income Tax Considerations

The following discussion
is a summary of U. S. federal income tax considerations generally applicable to the ownership and disposition of our Ordinary Shares by
a U. S. Holder (as defined below) that acquires our Ordinary Shares and holds our Ordinary Shares as “capital assets” (generally,
property held for investment) under the U.