Company: SPPL
Filing Date: 2025-04-08
Form Type: 20-F
Source: 0001641172-25-003217
Chunk: 102

Company: SIMPPLE LTD.
Filing Date: 2025-04-08
Form: 20-F
Item: Item 10
Chunk 102
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holder.”

As
indicated above, if a U. S. Holder of our Ordinary Shares has not made a timely and effective QEF election with respect to our first
taxable year as a PFIC in which the U. S. Holder held (or was deemed to hold) Ordinary Shares, such U. S. Holder generally may
nonetheless qualify as an Electing Shareholder by filing on a timely filed U. S. income tax return (including extensions) a QEF
election and a purging election to recognize under the rules of Section 1291 of the Code any gain that it would otherwise recognize
if the U. S. Holder sold its Ordinary Shares for their fair market value on the “qualification date.” The qualification
date is the first day of our tax year in which we qualifies as a QEF with respect to such U. S. Holder. The purging election can only
be made if such U. S. Holder held Ordinary Shares on the qualification date. The gain recognized by the purging election will be
subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result of
the purging election, the U. S. Holder will increase the adjusted tax basis in its Ordinary Shares by the amount of the gain
recognized and will also have a new holding period in the Ordinary Shares for purposes of the PFIC rules.

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If
a U. S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, the U. S. Holder must generally file an annual Internal
Revenue Service Form 8621 and provide such other information as may be required by the U. S. Treasury Department, whether or not a QEF
or mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting
requirements that may apply to you.

The
rules dealing with PFICs and with the QEF election and purging election (or a mark-to-market election) are very complex and are affected
by various factors in addition to those described above. Accordingly, a U. S. Holder of our Ordinary Shares should consult its own tax
advisor concerning the application of the PFIC rules to such securities under such holder’s particular circumstances.

Information
Reporting and Backup Withholding

Certain
U. S. Holders are required to report information to the Internal Revenue Service relating to an interest