Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 144

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 19
Chunk 144
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payment within 7 days of the due date, a late interest fee of0.08% will be charged on the overdue amount. This late fee is calculated
on a simple interest basis.

GOVERNMENT GRANTS AND SUBSIDIES

Grants from the government are recognized
as receivable at their fair value when there is reasonable assurance that the grant will be received and the Company will comply with
all the attached conditions.

Government grants receivable is recognized
as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis.
Government grants relating to expenses are shown separately as other income.

CASH AND CASH EQUIVALENTS

For the purpose of presentation in
the consolidated statements of cash flows, cash and cash equivalents include cash on hand, deposits with banks and financial institutions
and fixed deposits which are subject to an insignificant risk of change in value.

SHARE CAPITAL

Ordinary shares are classified as equity.
Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account.

INCOME TAX

Current income tax for current and prior
periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that
have been enacted or substantively enacted by the end of the reporting period. Management periodically evaluates positions taken in tax
returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable
that a tax authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount
or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred income tax is recognized for
all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements
except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is
not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

F-22

A deferred income tax liability is recognized
on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the Company is able to control
the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable
future.

A deferred income tax asset is recognized
to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and
tax