Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 680

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 9
Chunk 680
---
provision for income taxes consisted of the following:

SCHEDULE OF PROVISION FOR INCOME TAX

    Year ended
                                                                  July 31, 2025  
    Year ended
                                                                  July 31, 2024 
  
    Current: 

    - Local 
    $481  
    $        - 
  
    - Foreign 
     -  
     - 
  
    Deferred: 
    $    
    $  
  
    - Local 
    $-  
    $- 
  
    - Foreign 
    $-  
    $- 

    Income tax expense 
    $481  
    $- 

The
effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range
of income tax rates. The Company has subsidiaries that operate in various countries: United States Labuan and Hong Kong that are subject
to taxes in the jurisdictions in which they operate, as follows:

United
States of America

The
Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of July 31, 2025 the
operations in the United States of America incurred $1,295,539 of
cumulative net operating losses which can be carried forward indefinitely to offset a maximum of 80% future taxable income. The
Company has provided for a full valuation allowance of $1,036,431 against
the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it
is more likely than not that these assets will not be realized in the future.

Labuan

Under
the current laws of the Labuan, Phoenix Plus Corp.is governed under the Labuan Business Activity Act, 1990. The tax charge for such company
is based on 3% of net audited profit.

Hong
Kong

Phoenix
Plus International Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable
income.

Malaysia

Phoenix
Green Energy Sdn. Bhd. is subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate at    24%
on its assessable income.

    F-18

PHOENIX PLUS CORP. (NOW KNOWN AS RHINO BITCOIN INC.)

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS