Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 337

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 337
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 10,612 |

| 9. | INCOME TAX EXPENSE |

|                                    |     | Year ended December 31, 
 2022                    |     |     | 2023    |       |     | 2024    |       |
|:-----------------------------------|:----|:------------------------|----:|:----|:--------|------:|:----|:--------|------:|
|                                    |     | US$’000                 |     |     | US$’000 |       |     | US$’000 |       |
| Hong Kong Profits Tax              |     |                         |   — |     |         |   682 |     |         |   775 |
| United States corporate tax        |     |                         |   — |     |         |   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$2 million of the estimated assessable profits and at 16.5% on the estimated assessable
profits above HK$