Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 345

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 345
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 difference between the fair value of the consideration received and the amount by which the noncontrolling interest
is adjusted was recognized as an addition in additional paid-in capital in accordance with ASC 810-10-45-23 “Change in a parent’s
ownership interest in a subsidiary”.

<div align='center'>F-87

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 15 — Income tax

Cayman Islands

GCL Global
is incorporated in Cayman Islands and is not subject to tax on income or capital gains under current Cayman Island law. Additionally,
upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

British Virgin Islands

GCL BVI is
incorporated in British Virgin Islands and are not subject to tax on income or capital gains under current British Virgin Island law.
Additionally, upon payments of dividends to the shareholders, no British Island withholding tax will be imposed.

Singapore

The Company’s
subsidiaries incorporated in Singapore, are subject to Singapore Profits Tax on the taxable income as reported in its statutory financial
statements adjusted in accordance with relevant Singapore tax laws. The applicable corporate income tax rate is 17% in Singapore, with
75% of the first $7,437 (SGD 10,000) taxable income and 50% of the next $141, 295 (SGD 190,000) taxable income are exempted from income
tax.

Hong Kong

The Company’s
subsidiaries incorporated in Hong Kong, are subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial
statements adjusted in accordance with relevant Hong Kong tax laws. Under the two-tiered profits tax rates regime, the first 2,000,000
Hong Kong Dollar (“HKD”) of profits of the qualifying group entity will be taxed at 8.25%, and profits above HKD2,000,000
will be taxed at 16.5%.

Malaysia

The Company’s
subsidiary incorporated in Malaysia is governed by the income tax laws of Malaysia and the income tax provision in respect of operations
in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations
and practices in respect thereof. Under the Income Tax Act of Malaysia, enterprises that incorporated in Malaysia are usually subject
to a unified 24% enterprise income tax