Company: ABLV
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001213900-25-034677
Chunk: 196

Company: Able View Global Inc.
Filing Date: 2025-04-23
Form: 20-F
Item: Item 19
Chunk 196
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 related surcharges on the revenues earned for products sold in the PRC. The applicable rate of value added tax is13% for sales
of cosmetic and other beauty products and6% for operation services. The related surcharges for revenues derived from sales of products
are deducted from gross receipts to arrive at net revenues.

F-16

ABLE VIEW GLOBAL INC.

2. SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES(cont.)

Income taxes

The Company accounts for income taxes in accordance
with the U. S. GAAP for income taxes. Under the asset and liability method as required by this accounting standard, the recognition
of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax
basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred
taxes.

The charge for taxation is based on the results
for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or
substantively enacted by the balance sheet date.

Deferred tax is accounted for using the balance
sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities
in the consolidated financial statements and the corresponding tax basis. Deferred tax assets are recognized to the extent that it is
more likely than not these items will be utilized against taxable income in the future. Deferred tax is calculated using tax rates that
are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the
income statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation
allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not
be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

An uncertain tax position is recognized as a benefit
only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination
being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than50% likely of being realized
on examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period
incurred. As of December 31, 2024, income tax returns for the tax years ended