Company: MAGH
Filing Date: 2025-03-20
Form Type: DRS/A
Source: 0001641172-25-000048
Chunk: 265

Company: Magnitude International Ltd
Filing Date: 2025-03-20
Form: DRS/A
Chunk 265
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1,061 |

Relationship between tax expense and accounting profits

A reconciliation between tax expense and the product of accounting profits multiplied by Singapore corporate income tax rate for the six months ended October 31, 2023 and 2024 were as follows:

|                                                           |     | Six months ended October 31, |          |   |     |         |   |     |         |   |
|                                                           |     |                              |     2023 |   |     |    2024 |   |     |    2024 |   |
|                                                           |     |                              |      SGD |   |     |     SGD |   |     |     USD |   |
| Profit before income tax                                  |     |                              |  925,498 |   |     | 198,152 |   |     | 149,775 |   |
| Tax calculated at tax rate of 17% (October 31, 2023: 17%) |     |                              |  157,335 |   |     |  33,686 |   |     |  25,462 |   |
| Effects of:                                               |     |                              |          |   |     |         |   |     |         |   |
| Income not subject to tax                                 |     |                              |   (4,117 | ) |     |  (2,603 | ) |     |  (1,967 | ) |
| Expenses not deductible for tax purposes                  |     |                              |  100,162 |   |     |   8,877 |   |     |   6,709 |   |
| Tax concessions and deductions                            |     |                              |   (5,385 | ) |     |       - |   |     |       - |   |
| Deferred tax not recognized                               |     |                              | (241,524 | ) |     | (38,556 | ) |     | (29,143 | ) |
|                                                           |     |                              |    6,471 |   |     |   1,404 |   |     |   1,061 |   |

| F-76 |

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

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

| 21. | Income                  
 tax expense (Continued) |

Unrecognized deferred tax assets

The movement in unrecognized deferred