Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 346

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 346
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 rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case
basis.

Brazil

The Company’s
subsidiary incorporated in Brazil is subject to Brazilian Corporate Income Tax (“IRPJ”). The IRPJ levied at a base rate of
15%, with an additional surtax of 10% applied to taxable income exceeding BRL 240,000 annually, resulting in an effective corporate income
tax rate of up to 25%.

Income tax
(benefit) expense for the six months ended September 30, 2024 and 2023 amounted to $(10,444) and $16,168, respectively.

<div align='center'>F-88

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

Significant
components of the provision for income taxes are as follows:

|                                      |     |            |       For the 
    Six Months 
         Ended 
 September 30, 
          2024 |   |     |            |       For the 
    Six Months 
         Ended 
 September 30, 
          2023 |   |
|:-------------------------------------|:----|:-----------|--------------:|:--|:----|:-----------|--------------:|:--|
|                                      |     | -Unaudited |               |   |     | -Unaudited |               |   |
| Current                              |     | $          |       349,028 |   |     | $          |       357,425 |   |
| Deferred                             |     |            |      (359,472 | ) |     |            |      (341,257 | ) |
| (Benefit) Provision for income taxes |     | $          |       (10,444 | ) |     | $          |        16,168 |   |

(Loss) Income before income tax by jurisdiction
are as following:

|                              |     | For the       
 Six Months    
 Ended         
 September 30, 
 2024          |          |   |     | For the       
 Six Months    
 Ended         
 September 30, 
 2023          |            |   |
|:-----------------------------|:----|:--------------|---------:|:--|:----|:--------------|:-----------|:--|
|                              |     | -Unaudited    |          |   |     | -Unaudited    |