Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 330

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 330
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 |     |         |   136 |     |         |     — |
| Withholding tax on dividend income |     |                         | 599 |     |         |   993 |     |         |   868 |
| Total income tax expenses          |     |                         | 599 |     |         | 1,811 |     |         | 1,643 |

In the United States, the federal corporate tax rate
is a flat rate of 21% during the year ended December 31, 2022, 2023 and 2024. New York, the location of a group entity
domicile, has a 6.50% to 7.25% corporate income tax rate during the year ended December 31, 2022 and 6.50% to 8.85% corporate income
tax rate during the year ended December 31, 2023 and 2024.

Under the two-tiered profits tax rates regime of Hong Kong
Profits Tax, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million
will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed
at a flat rate of 16.5%. For the year ended December 31, 2022, 2023 and 2024 , the Hong Kong Profits Tax of the qualifying group
entity is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable
profits above HK$2 million.

<div align='center'>F-74

THE GENERATION ESSENTIALS GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F OR THE YEARS ENDED DECEMBER 31, 2022, 2023 AND 2024</div>

| 9. | INCOME TAX EXPENSE (cont.) |

A reconciliation of income tax expense and profit before tax
at the statutory tax rate in which the Group’s major operating subsidiaries are domiciled is as follows:

|                                                                                    |     | Year ended December 31, |   2022 |   |     |         |   2023 |   |     |         |    2024 |   |
|:-----------------------------------------------------------------------------------|:----|:------------------------|-------:|