Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 62

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 10
Chunk 62
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 S. Internal Revenue Code of 1986, as amended, or the Code. This discussion is based upon existing
U. S. federal tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been sought
from the Internal Revenue Service, or the IRS, with respect to any U. S. federal income tax considerations described below, and there can
be no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address the U. S. federal
estate, gift, and alternative minimum tax considerations, the Medicare tax on certain net investment income, information reporting or
backup withholding or any state, local, and non-U. S. tax considerations, relating to the ownership or disposition of our Ordinary Shares.
The following summary does not address all aspects of U. S. federal income taxation that may be important to particular investors in light
of their individual circumstances or to persons in special tax situations such as:

  banks and other financial institutions;  

  insurance companies;  

  pension plans;  

  cooperatives;  

  regulated investment companies;  

  real estate investment trusts;  

  broker-dealers;  

  traders that elect to use a mark-to-market method of accounting;  

  certain former U. S. citizens or long-term residents;  

  tax-exempt entities (including private foundations);  

  individual retirement accounts or other tax-deferred accounts;  

  persons liable for alternative minimum tax;  

  persons who acquire their Ordinary Shares pursuant to any employee share option or otherwise as compensation;  

  investors that will hold their Ordinary Shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction for U. S. federal income tax purposes;  

  investors that have a functional currency other than the U. S. dollar;  

  persons that actually or constructively own 10% or more of our Ordinary Shares (by vote or value); or  

  partnerships or other entities taxable as partnerships for U. S. federal income tax purposes, or persons holding the Ordinary Shares through such entities,  

all of whom may be subject
to tax rules that differ significantly from those discussed below.

Each U. S. Holder is urged
to consult its tax advisor regarding the application of U. S. federal taxation to its particular circumstances, and the state, local, non-U. S.,
and other tax considerations of the ownership and disposition of our Ordinary Shares.

General

For purposes of this