Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 146

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 146
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tax is 25% of the chargeable income during the year ended December 31, 2022, 2023 and 2024. Singapore tax on corporate income is
imposed at a flat rate of 17%.

Hong Kong

Under the current Hong Kong
Inland Revenue Ordinance, a two-tiered profits tax rates regime was introduced in 2018 where the first HK$2 million of assessable
profits earned by a company is taxed at half of the current tax rate (8.25%) while the remaining profits are taxed at 16.5%. For the year
ended December 31, 2022, 2023 and 2024, the Hong Kong profits tax of our qualifying subsidiaries is calculated at 8.25% on the
first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million.

Payments of dividends by the
Hong Kong subsidiary to us is not subject to withholding tax in Hong Kong.

There is an anti-fragmentation
measure where each group will have to elect only one company in the group to benefit from the progressive rates.

The Inland Revenue (Amendment)
(Taxation on Specified Foreign-sourced income) Bill 2022, or the new FSIE regime, has come into effect since January 1, 2023. The
change was introduced to address the European Union’s inclusion of Hong Kong in Annex II of the EU list of non-cooperative
jurisdictions for tax purposes in concern of any risk of double non-taxation arising from the tax exemption of offshore passive income
for companies in Hong Kong without substantial economic substance. Since January 1, 2023, offshore passive income (including
interest income, dividend income or gain on disposal of equity interest (where applicable)), that is received or deemed to be received
in Hong Kong would need to meet additional requirements, including, amongst others, the economic substance requirements in order
to continue to be entitled to the offshore income tax exemption in Hong Kong. We will monitor the regulatory developments and continue
to evaluate the impact on our financial statements, if any.

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Results of Operations

The following table sets forth
our results of operations with line items by amounts for the years indicated.

|                                                                                                              |     | Year ended December 31,                                            
 2022                                                               |        |   |     |   |       |   |     | 2023