Company: MVNC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008388
Chunk: 30

Company: Marvion Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 - Local 
    $(231,711) 
    $(275,974)
  
    - Foreign, including 

    British Virgin Islands 
     –  
     (246,562) 
  
    Hong Kong 
     381,244  
     258,123 
  
    Income (loss) before income taxes 
    $149,533  
    $(264,413)

     27 

    Schedule of provision for income taxes 

    Nine Months Ended September 30, 

    2025  
    2024 

    Current: 

    - Local 
     –  
     – 
  
    - Foreign 
    $29,657  
    $36,045 

    Deferred: 

    - Local 
     –  
     – 
  
    - Foreign 
     –  
     – 
  
    Income tax expense 
    $29,657  
    $36,045 

The effective tax rate in
the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates.
The Company has operations in Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows:

United States of America

The Company is registered
in the State of Nevada and is subject to the tax laws of United States of America. The U.S. Tax Cuts and Jobs Act (the “Tax Reform
Act”) was signed into law. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax
benefits in its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results
of operations for the periods presented. Deferred tax asset is not provided for as the tax losses may not be able to carry forward after
a change in substantial ownership of the Company.

For the three and nine months
ended September 30, 2025 and 2024, there were no operating incomes.

BVI

Under the current BVI law,
the Company is not subject to tax on income.

Hong Kong

The Company’s subsidiaries
operating in Hong Kong are subject to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25% to 16.5% on the estimated
assessable profits arising in Hong Kong during the current period, after deducting a tax concession for the tax year. The reconciliation
of