Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 87

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 87
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 fails or
neglects to do such declaration as required under regulations 4 and 5 of the Import and Export Regulations within 14 days after the importation
or exportation (as the case may be) of the article to which it relates without any reasonable excuse, or, where he or she has such excuse,
fails or neglects to lodge such declaration in such manner as soon as is practicable after the cessation of such excuse, shall be liable
to (1) a fine of HK$2,000 upon summary conviction; and (2) commencing from the date of conviction, a fine of HK$100 in respect of everyday
during which his failure or neglect to lodge such declaration in that manners continues. Further, any person who knowingly or recklessly
lodges any declaration with the Commissioner of Customs and Excise that is inaccurate in any material particular shall be liable on summary
conviction to a fine of HK$10,000. Any person who, in contravention to the provisions of regulations 4 and 5 of the Import and Export
Regulations knowingly or recklessly lodges any declaration with the Commissioner of Customs and Excise that is inaccurate in any material
particular shall be liable on summary conviction to a fine of HK$10,000.

Regulations and Notices Related
to Hong Kong Taxation

Inland Revenue Ordinance (Chapter
112 of the Laws of Hong Kong)

Under the Inland Revenue
Ordinance, where an employer commences to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married
person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than three months after the date of
commencement of such employment. Where an employer ceases or is about to cease to employ in Hong Kong an individual who is or is likely
to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later
than one month before such individual ceases to be employed in Hong Kong.

Tax on dividends

Under the current
practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect to dividends paid by the Company.

Capital gains and profit tax

No tax is imposed
in Hong Kong in respect to capital gains from the sale of shares. However, trading gains from the sale of shares by persons carrying
on a trade, profession, or business in Hong Kong,