Company: GCL
Filing Date: 2025-09-04
Form Type: F-1
Source: 0001213900-25-084489
Chunk: 256

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-04
Form: F-1
Chunk 256
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tax assets related to the net operating loss carryforwards in Singapore due to recuring historical loss. As a result, the Company provided
a % allowance on deferred tax assets on net operating losses of approximately $ related to Martiangear as of March 31, 2024.
In addition, the valuation allowance of $ was assessed for Starlight’s net operating loss as of March 31,2023, which
was reversed as of March 31, 2024, due to dissolution of the business entity.

Movement in deferred tax assets (liabilities)
are as following:

| Balance at March 31, 2023            |     | $ | (514,675 | ) |
| Recognized in profit or loss         |     |   |  669,869 |   |
| Recognized in goodwill               |     |   |  (36,973 | ) |
| Foreign exchange differences reserve |     |   |   (2,761 | ) |
| Balance at March 31, 2024            |     |   |  115,460 |   |
| Recognized in profit or loss         |     |   |  233,848 |   |
| Foreign exchange differences reserve |     |   |    1,752 |   |
| Balance at March 31, 2025            |     | $ |  351,060 |   |

Uncertain tax positions

The Company evaluates each
uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the
unrecognized benefits associated with the tax positions. As of March 31, 2025 and 2024, the Company did not have any significant unrecognized
uncertain tax positions.

Taxes payable consist of the following:

|                      |     |   | March 31, 
      2025 |     |   | March 31, 
      2024 |
|:---------------------|:----|:--|----------:|:----|:--|----------:|
| GST taxes payable    |     | $ |    21,707 |     | $ |    64,166 |
| Income taxes payable |     |   | 1,395,466 |     |   |   952,977 |
| Totals               |     | $ | 1,417,173 |     | $ | 1,017,143 |

F-50 GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDI