Company: TGE
Filing Date: 2025-04-11
Form Type: F-4
Source: 0001213900-25-031177
Chunk: 344

Company: Generation Essentials Group
Filing Date: 2025-04-11
Form: F-4
Chunk 344
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 a flat rate of 21% during the year ended December 31, 2022, 2023 and 2024. New York, where part of our subsidiaries domiciles, has a 6.50% to 7.25% corporate income tax rate during the year ended December 31, 2022 and 6.50% to 8.85% corporate income tax rate during the year ended December 31, 2023 and December31, 2024. Southeast Asia Malaysian corporate income tax is 25% of the chargeable income during the year ended December 31, 2022, 2023 and 2024. Singapore tax on corporate income is imposed at a flat rate of 17%. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, a two -tieredprofits tax rates regime was introduced in 2018 where the first HK$2 million of assessable profits earned by a company is taxed at half of the current tax rate (8.25%) while the remaining profits are taxed at 16.5%. For the year ended December 31, 2022, 2023 and 2024, the Hong Kong profits tax of our qualifying subsidiaries is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million. Payments of dividends by the Hong Kong subsidiary to us is not subject to withholding tax in Hong Kong. There is an anti -fragmentationmeasure where each group will have to elect only one company in the group to benefit from the progressive rates. 215

The Inland Revenue (Amendment) (Taxation on Specified Foreign -sourcedincome) Bill 2022, or the new FSIE regime, has come into effect since January 1, 2023. The change was introduced to address the European Union’s inclusion of Hong Kong in Annex II of the EU list of non -cooperativejurisdictions for tax purposes in concern of any risk of double non -taxationarising from the tax exemption of offshore passive income for companies in Hong Kong without substantial economic substance. Since January 1, 2023, offshore passive income (including interest income, dividend income or gain on disposal of equity interest (where applicable)), that is received or deemed to be received in Hong Kong would need to meet additional requirements, including, amongst others, the economic substance requirements in order to continue to be entitled