Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 258

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 19
Chunk 258
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  Current and deferred:                                                                                                                            
  Hong Kong                             $                                 1,637,978      $         1,411,563      $          562,570       71,666  
  Foreign                                                                   167,685                  372,240                ( 26,982      ( 3,437  
  Total current and deferred                                              1,805,663                1,783,803                 535,588       68,229  
  Total provision for income taxes      $                                 1,805,663      $         1,783,803      $          535,588       68,229  

The following table sets
forth the significant components of the aggregate deferred tax assets as of:

                                        As of June 30,                                                                 
                                        2024                               2025                                        
                                        HKD                                HKD                      US$                
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Deferred Tax Assets                                                                                                  
  Net operating loss carryforwards      $                   657,476        $         364,025        $        46,373    
  Less: valuation allowance                                 ( 657,476                ( 364,025               ( 46,373  
  Deferred tax assets, net              $                   -              $         -              $        -         

The net decrease of valuation
allowance during the year ended June 30, 2025 was HKD293,451(US$37,383) mainly due to a decrease in valuation allowance HKD268,521(US$34,207)
and foreign exchange difference HKD24,930(US$3,176).

A reconciliation between the
Group’s actual provision for income taxes and the provision at the Hong Kong statutory rate was as follows:

                                                                            For the years ended June 30,                                                                                        
                                                                            2023                                              2024                     2025                                     
                                                                            HKD                                               HKD                      HKD                                      
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Income (Loss) before income tax                                           $                                 10,816,343      $         7,289,292      $         ( 27,033,125      ( 3,443,754  
  Hong Kong income tax rate                                                                                         16.5                     16.5