Company: MAGH
Filing Date: 2025-03-20
Form Type: DRS/A
Source: 0001641172-25-000048
Chunk: 249

Company: Magnitude International Ltd
Filing Date: 2025-03-20
Form: DRS/A
Chunk 249
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 legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

| F-62 |

<div align='center'>MAGNITUDE INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

| 2. | Material                                  
 accounting policy information (Continued) |

| 2.16 | Taxes       
 (Continued) |

Deferred tax(Continued)

Deferred tax assets shall be recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized, unless:

| (a) | the                                                                                              
 deferred tax asset arises from the initial recognition of an asset or liability in a transaction 
 that: is not a business combination; or at the time of transaction, affects neither accounting   
 profit nor taxable profit (tax loss); and at the time of transaction, does not give rise         
 to equal taxable and deductible temporary differences; and                                       |

| (b) | in                                                                                              
 respect of deductible temporary differences associated with interests in joint ventures,        
 deferred tax assets are recognized only to the extent that it is probable that the temporary    
 differences will reverse in the foreseeable future and taxable profit will be available against 
 which the temporary differences can be utilized.                                                |

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Goods and Service Tax (“GST”)

Revenues, expenses and assets are recognized net of the amount of sales tax except:

| (i) | where                                                                                           
 the sales tax incurred on a purchase of assets or services is not recoverable from the taxation 
 authority, in which case the sales tax is recognized as part of the cost of acquisition of      
 the asset or as part of the expense item as applicable; and                                     |

| (ii) | receivables                                                         
 and payables that are stated with the amount of sales tax included. |

The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receiv