Company: CHOW
Filing Date: 2025-04-01
Form Type: F-1
Source: 0001641172-25-001938
Chunk: 280

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-04-01
Form: F-1
Chunk 280
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 due. The Company does not anticipate any liquidity
constraints that would impact its ability to meet these obligations in a timely manner.

13. INCOME TAXES

Cayman Islands

The Company is incorporated in the Cayman Islands.
Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. In addition, dividend payments
are not subject to withholdings tax in the Cayman Islands.

| F-70 |

British Virgin Islands

Vigorous is incorporated in British Virgin Islands
and conducts its primary business operations through the subsidiary in Hong Kong. Under the current laws of British Virgin Islands, British
Virgin Islands levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and the Company is therefore
not subject to tax on income or capital gains arising in British Virgin Islands. Additionally, upon payments of dividends by the Company
to its shareholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong

Sereno is subject to a two-tiered income tax rate
in Hong Kong. The first HK$2,000,000 of profits are taxed at a rate of 8.25%, while any remaining profits are taxed at the standard rate
of 16.5%.

The following table summarizes the composition of
income tax expense for six months ended June 30, 2023, and 2024:

|                            |     | For the Six Months Ended June 30, |           |     |            |           |     |                 |         |
|                            |     |                              2023 |           |     |       2024 |           |     |                 |         |
|                            |     |                               HK$ |           |     |        HK$ |           |     | US$ (Note 2(e)) |         |
|                            |     |                        -Unaudited |           |     | -Unaudited |           |     | -Unaudited      |         |
| Current income tax expense |     |                                   |   922,949 |     |            | 1,057,169 |     |                 | 135,534 |
| Deferred tax expenses      |     |                                   |   132,926 |     |            |   113,447 |     |                 |  14,545 |
|                            |     |                                   | 1,055,875 |     |            | 1,170,616 |     |                 | 150,079 |

Tax Rate Reconciliation