Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 191

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 191
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  Social Security Contribution (“ INSS”) — up to 14% based on employee’s monthly salary capped of BRL 7,507;  

United Kingdom subsidiary

  National Insurance Contribution (“ NIC”) — up to 15.05% based on employee’s monthly salary, subject to statutory thresholds;  

  Workplace Pension — minimum 3% based on qualifying earnings;  

Dubai subsidiary

  General Pension and Social Security Authority (“ GPSSA”) — 12.5% based on employee’s monthly salary;  

People of republic of China (“ PRC”) subsidiary

  Social Security and Housing Provident Fund Contributions — Employers are required to contribute to five statutory social insurance programs (pension, medical, unemployment, maternity, and work-...  
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F-20

GCL GLOBAL HOLDINGS LTD
AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Goods and Services Taxes (“ GST”) and Value Added Taxes
(“ VAT”)

Revenue represents the invoiced
value of service, net of applicable GST or VAT. The GST is chargeable on gross sales price. In Singapore, GST rate is8% on gross sales
price for calendar year 2023 and9% for calendar year 2024. In the United Kingdom, VAT is20%; in China, VAT is generally13%, with reduced
rates of9% and6% for specific industries; and in Dubai, United Arab Emirates, VAT is5%. Entities that are GST/VAT-registered are allowed
to offset qualified input GST/VAT paid to suppliers against their output GST/VAT liabilities. Net GST/VAT balance between input GST/VAT
and output GST/VAT is recorded in tax payable or receivable.

Income taxes

The Company accounts for
income taxes in accordance with ASC 740, Income tax. The charge for taxation is based on the results for the fiscal year and adjusted
for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by
the balance sheet date

Deferred tax is calculated
using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets
and liabilities in the consolidated financial statements and the corresponding tax basis. In principle, deferred tax liabilities are recognized
for all taxable temporary differences.