Company: MAGH
Filing Date: 2025-07-18
Form Type: F-1/A
Source: 0001641172-25-020173
Chunk: 160

Company: Magnitude International Ltd
Filing Date: 2025-07-18
Form: F-1/A
Chunk 160
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 required to file an annual report in the Cayman Islands with the Companies Registry confirming whether or not it is carrying on any relevant activities and, if it is, it must satisfy an economic substance test.

Singapore Taxation

Dividend Distributions

One Tier Corporate Taxation System

Effective from January 1, 2008, Singapore resident companies can issue one-tier tax exempt dividends. This means shareholders will not be taxed on this dividend income. However, dividends received from shares in co-operatives are taxable.

Withholding Taxes

Singapore currently does not impose withholding tax on dividends.

Goods and Services Tax

The Goods and Services Tax, or GST, in Singapore is a broad-based consumption tax that is levied on import of goods into Singapore, as well as nearly all supplies of goods and services in Singapore at the prevailing rate of 9%.

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Corporate Tax

A company is regarded as tax resident in Singapore if the control and management of its business is exercised in Singapore.

Corporate taxpayers who are Singapore tax residents are subject to Singapore income tax on income accruing in or derived from Singapore and, subject to certain exceptions, on foreign-sourced income received or deemed to be received in Singapore.

However, foreign-sourced income in the form of dividends, branch profits and service income received or deemed to be received in Singapore by Singapore tax resident companies on or after June 1, 2003 is exempt from tax if certain prescribed conditions are met, including the following:

| (a) | such                                                                                            
 income is subject to tax of a similar character to income tax under the law of the jurisdiction 
 from which such income is received; and                                                         |
| (b) | at                                                                                              
 the time the income is received in Singapore, the highest rate of tax of a similar character    
 to income tax (by whatever name called) levied under the law of the territory from which        
 the income is received on any gains or profits from any trade or business carried on by any     
 company in that territory at that time is not less than 15%.                                    |

Certain concessions and clarifications have also been announced by the Inland Revenue Authority of Singapore with respect to such conditions.

Non-resident corporate taxpayers, with certain exceptions, are subject to Singapore income tax on income accruing in or derived from Singapore, and on foreign-sourced income received or deemed to be received in Singapore.

The corporate tax rate in Singapore is currently 17%. In addition, three-quarters of up to the first S$10,000 of a company’s annual normal charge