Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 281

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 281
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 qualifying group entity will be taxed at 8.25%, and profits above HKD2,000,000 will be taxed at 16.5%.

Malaysia

The Company’s subsidiary incorporated in Malaysia
is governed by the income tax laws of Malaysia and 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 in respect thereof.
Under the Income Tax Act of Malaysia, enterprises that incorporated in Malaysia are usually subject to a unified 24% enterprise income
tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis.

Income tax expense for the years ended March 31,
2024 and 2023 amounted to $53,291 and $620,142, respectively.

<div align='center'>F-49

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Significant components of the provision for income taxes
are as follows:

|                            |     |   |   For the year 
          ended 
 March 31, 2024 |   |     |   |   For the year 
          ended 
 March 31, 2023 |   |
|:---------------------------|:----|:--|---------------:|:--|:----|:--|---------------:|:--|
| Current                    |     | $ |        723,160 |   |     | $ |        873,308 |   |
| Deferred                   |     |   |       (669,869 | ) |     |   |       (253,166 | ) |
| Provision for income taxes |     | $ |         53,291 |   |     | $ |        620,142 |   |

(Loss) Income before income tax by jurisdiction are as following:

|                                       |     |   |   For the year 
          ended 
 March 31, 2024 |   |     |   |   For the year 
          ended 
 March 31, 2023 |   |
|:--------------------------------------|:----|:--|---------------:|:--|:----|:--|---------------:|:--|
| Singapore                             |     | $ |       (325,917 | ) |     | $ |      1,642,666 |   |
| Hong Kong                             |     |   |        258,