Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 148

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 19
Chunk 148
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income tax

Current
income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid
to the taxation authority. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted
at the reporting date.

Current
income taxes are recognized in profit or loss except to the extent that the tax relates to items recognized outside profit or loss, either
in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect
to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred
tax

Deferred
tax is provided using the liability method on temporary differences at the end of the reporting date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.

Deferred
tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability
is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred
tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against
current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

MAGNITUDE
INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

  Material                                   
  accounting policy information (Continued)  
 ─────────────────────────────────────────────

  2.16      Taxes (Continued)  

Deferred
tax

Deferred
tax assets shall be recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be
available against which the deductible temporary difference can be utilized, unless:

  (a)      the                                                                                                                                    
  (b)      in                                                                                                                                     

The
carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized
deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that
future taxable profit will allow the deferred tax asset to be recovered.

Goods
and Service Tax (“ GST”)

Revenues,
expenses and assets are recognized net of the amount of sales