Company: MAGH
Filing Date: 2025-02-24
Form Type: DRS/A
Source: 0001493152-25-008050
Chunk: 195

Company: Magnitude International Ltd
Filing Date: 2025-02-24
Form: DRS/A
Chunk 195
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Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authority. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date.

Current income taxes are recognized in profit or loss except to the extent that the tax relates to items recognized outside profit or loss, either in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred tax

Deferred tax is provided using the liability method on temporary differences at the end of the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

| F-19 |

<div align='center'>MAGNITUDE INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>

| 2. | Material                                  
 accounting policy information (Continued) |

| 2.16 | Taxes (Continued) |

Deferred tax(Continued)

Deferred tax assets shall be recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized, unless:

| (a) | the                                                                                              
 deferred tax asset arises from the initial recognition of an asset or liability in a transaction 
 that: is not a business combination; or at the time of transaction, affects neither accounting   
 profit nor taxable profit (tax loss); and at the time of transaction, does not give rise         
 to equal taxable and deductible temporary differences; and                                       |
| (b) | in                                                                                               
 respect of deductible temporary differences associated with interests in joint ventures,         
 deferred tax assets are recognized only to the extent that it is probable that the temporary     
 differences will reverse in the foreseeable future and taxable profit will be available against  
 which the temporary differences can be utilized.                                                 |

The carrying amount of deferred tax assets is reviewed at