Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 191

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 191
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 are9.93%,4.55% and4.90%, respectively.

FST America, Inc. files income tax returns in
the U. S. federal jurisdiction and various state jurisdictions and is generally subject to examination by U. S. federal (or state and local)
income tax authorities for three years from the filing of a tax return.

F-26

FST Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In U. S. dollars, except for share and per
share data, or otherwise noted)

12. INCOME TAXES (cont.)

Japan

FST Japan LLC was mainly subject to Japanese national
and local income taxes, inhabitant tax, and enterprise tax, which, in the aggregate, represent a statutory income tax rate of approximately23.2%
for the years ended December 31, 2024 and 2023, respectively.

FST Japan LLC is subject to taxation and files
income tax returns in Japan. Tax years for the periods ended December 31, 2019 and subsequent years remain open to examination by the
tax authority.

A reconciliation between the Group’s reported
income tax expense (benefit) and the income tax expense (benefit) at the Taiwan statutory income tax rate of20% for distributed earnings,
where the Group’s major operations are based, is as follows:

                                                                    For the years ended                                                       
                                                                    December 31,                                                              
                                                                    2024                                      2023                            
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                                                              (As Restated)                   
  Loss before income tax expense                                    $                        ( 2,778,929      $                  ( 2,918,682  
  Income tax benefit computed at the statutory income tax rate                                 ( 555,786                           ( 583,736  
  Reconciling items:                                                                                                                          
  Impact of different tax rates in other jurisdictions                                          ( 32,376                           ( 243,314  
  Impact of tax rate change                                                                     ( 63,616                                   -  
  Tax effect of other non-deductible items                                                       392,205                              24,987  
  Tax-exempt income from long-term investments                                                  ( 17,496                              93,253  
  Adjustment of current taxes in respect of prior year                                           ( 8,712                           ( 436,407  
  Adjustment of deferred taxes in respect of prior year                                         ( 50,518                              52,646