Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 335

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 335
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,952,100 |   |     |   | 8,336,145 |   |

<div align='center'>F-86

BAN LEONG TECHNOLOGIES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in Singapore dollars (“$”)</div>

| 18. | Taxation (continued) |

The following table reconciles
Singapore statutory rates to the Company’s effective tax rate:

|                                       |     | For the year ended March 31, | 2025 |   |     |   | 2024 |   |
|:--------------------------------------|:----|:-----------------------------|-----:|:--|:----|:--|-----:|:--|
|                                       |     | %                            |      |   |     | % |      |   |
| Singapore statutory income tax rate   |     |                              | 17.0 |   |     |   | 17.0 |   |
| Tax rate difference outside Singapore |     |                              |  0.5 |   |     |   |  0.5 |   |
| Preferential tax exemption effect     |     |                              | (0.4 | ) |     |   | (0.5 | ) |
| Change in valuation allowance         |     |                              |  0.0 |   |     |   |  0.0 |   |
| Others                                |     |                              |  0.9 |   |     |   | (5.5 | ) |
| Effective tax rate                    |     |                              | 18.0 |   |     |   | 11.5 |   |

Deferred tax

The significant components of the Company’s
deferred tax assets are as follows:

|                      |     | For the year ended March 31, |    2025 |   |     |   |    2024 |   |
|:---------------------|:----|:-----------------------------|--------:|:--|:----|:--|--------:|:--|
|                      |     | $                            |         |   |     | $ |         |   |
| Deferred tax assets  |     |                              |         |   |     |   |         |   |
| Provisions           |     |                              | 128,330 |   |     |   |  37,293 |   |
| Other items          |     |                              | (93,378