Company: NUTR
Filing Date: 2025-01-15
Form Type: S-1/A
Source: 0001493152-25-002312
Chunk: 203

Company: NUSATRIP Inc
Filing Date: 2025-01-15
Form: S-1/A
Chunk 203
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 align='center'>NUSATRIP INCORPORATED
NOTES TO CARVE-OUT COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars (“US$”))</div>

NOTE 10 — INCOME TAXES(cont.)

Singapore

Nusatrip International and Nusatrip Singapore operating in Singapore are subject to the Singapore Income Tax at a standard income tax rate of 17% during its tax year.

As of September 30, 2024, the operation in the Singapore incurred $45,015 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards have no expiration. The Company has provided for a full valuation allowance against the deferred tax assets of $7,652 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

Malaysia

Nusatrip Malaysia operating in Malaysia is subject to the Malaysia Income Tax at a standard income tax rate of 24% during its tax year.

As of September 30, 2024, the operation in the Malaysia incurred $22,575 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards have no expiration. The Company has provided for a full valuation allowance against the deferred tax assets of $5,418 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

Indonesia

PTTSM is registered in Indonesia and is subject to the tax laws of Indonesia at a standard income tax rate of 22% during its tax year.

As of September 30, 2024, PTTSM incurred $7,749,245 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards have no expiration. The Company has provided for a partial valuation allowance against the deferred tax assets of $1,704,834 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

Uncertain tax position

The Company is subject to taxation in the U.S. and various foreign