Company: HNIT
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001493152-25-003324
Chunk: 229

Company: Huineng Technology Corp
Filing Date: 2025-01-23
Form: 10-K
Item: Item 9
Chunk 229
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United
States of America

The
Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018, which resulted in the re-measurement
of the federal portion of our deferred tax assets from the 35% to 21% tax rate. The Company is registered in the State of Nevada and
is subject to United States of America tax law. As of November 30, 2024, the operations in the United States of America incurred $43,982
of cumulative net operating losses (NOL’s) which can be carried forward to offset future taxable income. The NOL carryforwards
begin to expire in 2044, if unutilized. The Company has provided for a full valuation allowance of approximately $9,236 against the deferred
tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely
than not that these assets will not be realized in the future.

Malaysia

Aceztech
Sdn. Bhd. are subject to the Malaysia Corporate Tax Laws at a two-tier corporate income tax rate based on amount of paid-up capital.
The 2024 tax rate for company with paid-up capital of MYR 2,500,000 (approximately $562,468) or less and that are not part of a group
containing a company exceeding this capitalization threshold is 15% on first chargeable income of MYR 150,000 (approximately $33,748),
17% on remaining chargeable income up to MYR 600,000 (approximately $134,992) and any chargeable income beyond MYR 600,000 (approximately
$134,992) will be subject to the corporate tax rate of 24%.

As
of November 30, 2024, the operations in Malaysia generated $762 of cumulative net operating losses which can be carried forward to offset
future taxable income. The net operating loss can be carried forward for seven years. The Company has provided for a full valuation allowance
against the deferred tax assets of $114 on the expected future tax benefits from the net operating loss carry forwards as the management
believes it is more likely than not that these assets will not be realized in the future.

The
following table sets forth the significant components of the aggregate deferred tax assets of the Company as of November 30, 2024 and
2023:

SCHEDULE
OF DEFERRED