Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 282

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 282
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 of group requests within the scope of administrative assistance. Information
will not be transferred automatically in the absence of consent, and instead will be exchanged only within the scope of administrative
assistance on the basis of the double taxation agreement between the U. S. and Switzerland. On October 8, 2014, the Swiss Federal Council
approved a mandate for negotiations with the U. S. on changing the current direct-notification-based regime to a regime where the relevant
information is sent to the Swiss Federal Tax Administration, which in turn provides the information to the U. S. tax authorities. It is
uncertain at this point when a corresponding agreement will be available.

Implementation of the OECD Global Minimum Tax in Switzerland

In light of the OECD
Base erosion and profit shifting initiative, Switzerland has introduced by means of an ordinance the OECD global minimum tax rate
for large multinational enterprises. The people and cantons approved the necessary constitutional amendment in a popular vote on
June 18, 2023. During its meeting on December 22, 2023, the Federal Council decided to implement the minimum tax rate with the
introduction of a supplementary tax in Switzerland from January 1, 2024, and in its meeting on September 4, 2024 the Federal Council
decided to additionally implement the international minimum tax from January 1, 2025. Based on such ordinance large multinational
enterprises with global turnover of at least EUR 750 million which are effectively taxed below 15% will be liable to a top-up tax
(“ Ergänzungssteuer”), in line with the OECD framework for the Qualified Domestic Minimum Top-up Tax and the Income
Inclusion Rule up to 15% minimum taxation.

Material U. S. Federal Income Tax Considerations
for U. S. Holders

EACH PROSPECTIVE SHAREHOLDER SHOULD CONSULT
ITS OWN TAX ADVISOR REGARDING THE PARTICULAR SWISS TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR COMMON SHARES, INCLUDING
THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.

THE FOLLOWING SUMMARY IS INCLUDED
HEREIN FOR GENERAL INFORMATION AND IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSIDERED TO BE, LEGAL OR TAX ADVICE. EACH U. S. HOLDER SHOULD
CONSULT WITH HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR U. S. FEDERAL INCOME TAX CONSEQUENCES OF THE PUR