Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 190

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 190
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  Total                      $                        ( 2,778,929      $                  ( 2,918,682  

The components of income tax expense (benefit)
are as follows, none of which related to the Cayman Islands:

                                            For the years ended                                                 
                                            December 31,                                                        
                                            2024                                  2023                          
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                                  (As Restated)                 
  Taiwan:                                                                                                       
  Current                                   $                        307,398      $                    353,648  
  Deferred                                                            72,160                         ( 176,230  
                                            $                        379,558      $                    177,418  
  Non-Taiwan:                                                                                                   
  Current                                   $                            850      $                  ( 441,492  
  Deferred                                                            75,838                         ( 486,997  
                                            $                         76,688      $                  ( 928,489  
  Total current tax expense (benefit)       $                        308,248      $                   ( 87,844  
  Total deferred tax expense (benefit)                               147,998                         ( 663,227  
  Total income tax expense (benefit)        $                        456,246      $                  ( 751,071  

Cayman Islands

The Company is incorporated in the Cayman Islands.
Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes.

Taiwan

FST is subject to a23.45% combined tax rate,
consisting of a statutory income tax rate of20%, a5% undistributed earnings tax, and the
interaction of these taxes, under the laws of Taiwan.

As of December 31, 2024, the tax years ended December
31, 2018 through 2024 for FST are generally subject to examination by the Taiwan tax authorities.

United States

FST American, Inc. is subject to a federal statutory
income tax rate of21% and respective state income tax rates. The subsidiary is subject to a global intangible low-taxed income tax (“ GILTI”),
which is a tax on certain off-shore earnings at an effective rate of10.5% (increasing to13.125% for tax years beginning after December
31, 2025) with a partial offset for foreign tax credits.

The state
corporate income tax rate inCalifornia, Colorado and Arizona