Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 66

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 4A
Chunk 66
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 event fees,                                                                   
            office expenses, travelling expenses, secretarial fees and foreign exchange adjustments. Other operating expenses increased by MYR6,304,663  
            (USD1,336,473) from MYR4,034,471 (USD916,405) in fiscal year 2022 to MYR10,339,134 (USD2,252,878) in fiscal year 2023, mainly due to (i)     
            increased in marketing expenses by MYR1,203,327 (USD258,846) to reach out to more customers and create brand awareness, (ii) increased       
            in event fees of MYR1,118,765 (USD243,623) due to the organisation of an IPO conference in October 2023 (iii) increased in office expenses   
            by MYR1,228,611 (USD264,698) as bigger office and more employees required higher maintenance, and cleaning, (iv) increased in travelling     
            expenses by MYR903,749 (USD192,078) as management team travels to meet up with overseas clients.                                             
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We expect our overall operating costs, including
marketing expenses, salaries, and professional and business consulting expenses, to continue to increase in the foreseeable future, as
we plan to hire additional personnel and incur additional expenses in connection with the expansion of our business operations.

Provision for Income Taxes

Our provision for income taxes was MYR619,698 (USD135,031) in fiscal
year ended December 31, 2023, primarily due to the underprovision of income tax of MYR619,698 (USD135,031) in fiscal year 2022. For the
subsidiaries that are incorporated in Malaysia, they are governed by the income tax laws of Malaysia. 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. Under the Income Tax Act of Malaysia, enterprises incorporated in Malaysia are usually subject to a unified
24% enterprise income tax rate, while preferential tax rates, tax holidays, and tax exemptions may be granted on a case-by-case basis.
The tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of MYR2,500,000 or
less, and gross income of not more