Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 150

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 150
---
ially change.

Taxation in the statements of operations represents:

                                                     Years ended December 31,                                                              
                                                     2022                                       2023                   2024                
                                                     US$                                        US$                    US$                 
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Hong Kong profits tax provision for the year:                                                                                            
  Current                                                                          —                      128,014                —         
  Deferred                                                                         157,308                103,016                ( 53,200  
  Total income tax expense (credit)                                                157,308                231,030                ( 53,200  

F-27

WELLCHANGE HOLDINGS COMPANY LIMITED

14. TAXES(cont.)

A reconciliation of the provision for income taxes
determined at the Hong Kong statutory income tax rate to the Company’s effective income tax rate is as follows:

                                                    Years ended December 31,                                                                               
                                                    2022                                                                                                   
                                                    US$                                                                                                    
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net income (loss) before income tax                                             937,956      —          1,168,639          —      ( 484,744      —       
  Tax at Hong Kong statutory tax rate of 16.5%                                    154,763      16.5         192,825       16.5      ( 79,983       ( 16.5  
  Reconciling items:                                                                                                                                       
  Tax effect of temporary difference                                                4,786      0.5                —          —      —              —       
  Tax effect of non-taxable income                                                ( 2,333      ( 0.2        ( 1,254      ( 0.1      ( 3,121        ( 0.6   
  Tax effect of non-deductible expenses                                                92      0.0              490        0.0      29,904         6.2     
  Tax concession (Note 1)                                                               —      —           ( 21,842      ( 1.8      —              —       
  Tax holiday (Note 2)                                                                  —      —             60,811        5.2      —              —       
  Income tax expense (credit)                                                     157,308      16.8         231,030       19.8      ( 53,200