Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 171

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 171
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 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Current income tax expense (benefit)         $                                     ( 2,506      $           5,355      $               350  
  Deferred income taxes expense (benefit)                                             30,582                129,761                ( 420,514  
  Total                                        $                                      28,076      $         135,116      $         ( 420,164  

Loss before provision for income taxes is attributable
to the following geographic locations:

                            For the years ended December 31,                                                                           
                            2024                                                   2023                        2022                    
  PRC                       $                                     ( 7,378,833      $         ( 10,597,746      $          ( 8,944,657  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cayman and Hong Kong                                              ( 595,735                   ( 787,071                 ( 3,007,288  
  Total                     $                                     ( 7,974,568      $         ( 11,384,817      $         ( 11,951,945  

The following table reconciles the statutory rate
to the Company’s effective tax rate:

                                                            For the years ended December 31,                                      
                                                                                        2024                                      
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  China Statutory income tax rate                                                                   25.0        25.0        25.0  
  Effect of different tax rates in other jurisdictions                                             ( 1.9       ( 1.7       ( 6.3  
  Change of valuation allowance                                                                   ( 23.3      ( 24.2      ( 14.9  
  Non-deductible expenses-permanent difference                                                     ( 0.2       ( 0.2       ( 0.3  
  Effective tax rate                                                                               ( 0.4       ( 1.2         3.5  

F-28

Components of deferred tax assets was as follows:

                                                 December 31,                       December 31,                   
                                                 2024                               2023                           
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Deferred tax assets:                                                                                             
  Net operating loss carryforward                $                   7,230,751      $