Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 274

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 274
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 and Prospects – Recent Financin...  
  Common Shares Purchase Agreement, dated March 31, 2025, by and between NLS Pharmaceutics Ltd. and Alpha. See Item 5. “ Operating and Financial Review and Prospects – Recent Financing Agreements...  
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D. Exchange Controls

There are no Swiss governmental
laws, decrees or regulations that restrict, in a manner material to us, the export or import of capital, including any foreign exchange
controls, or that generally affect the remittance of dividends or other payments to non-residents or non-citizens of Switzerland who hold
our common shares.

E. Taxation.

Switzerland Tax Consideration

This summary of material Swiss
tax consequences is based on Swiss law and regulations and the practice of the Swiss tax administration as in effect on the date hereof,
all of which are subject to change (or subject to changes in interpretation), possibly with retroactive effect. The summary does not purport
to take into account the specific circumstances of any particular shareholder or potential investor and does not relate to persons in
the business of buying and selling common shares or other securities. The summary is not intended to be, and should not be interpreted
as, legal or tax advice to any particular potential shareholder/s, and no representation with respect to the tax consequences to any particular
shareholder/s is made.

Current and prospective shareholders
are advised to consult their own tax advisers in light of their particular circumstances as to the Swiss tax laws, regulations and regulatory
practices that could be relevant for them in connection with the acquiring, owning and selling or otherwise disposing of common shares
and receiving dividends and similar cash or in-kind distributions on common shares (including dividends on liquidation proceeds and stock
dividends) or distributions on common shares based upon a capital reduction (“ Nennwertrückzahlungen”) or reserves paid
out of capital contributions (“ Reserven aus Kapitaleinlagen”) and the consequences thereof under the tax laws, regulations
and regulatory practices of Switzerland.

Taxation of NLS Pharmaceutics Ltd.

NLS is a Swiss company, subject
to taxation in the Canton of Zurich as from December 10, 2021 onwards (formerly, Canton of Nidwalden). The Company is taxed at a current
effective income tax rate of approximately 19% (including direct