Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 21

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 21
---
 approximately $0.3 million against investment in a limited partnership, over which the Company held 20% partnership
interest. During the year ended March 31, 2025, the limited partnership make investment in an investee which incurred significant loss
for the year of 2025 and presented accumulated loss as of March 31, 2025. The Company assessed that the decline in fair value of long-term
investment to be other-than-temporary.

Taxation

Cayman Islandsand British Virgin Islands

Under the current laws of the Cayman Islands and
British Virgin Islands, we are not subject to tax on income or capital gains. Neither Cayman Islands nor British Virgin Islands withholding
tax will be imposed upon payments of dividends to our shareholders.

Hong Kong

ZYSL, ZYCL and Winrich are incorporated in Hong
Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance
with relevant Hong Kong tax laws. For the years ended March 31, 2025, 2024 and 2023, Hong Kong profits tax is calculated in accordance
with the two-tiered profits tax rates regime. The applicable tax rate for the first HKD 2 million of assessable profits is 8.25% and assessable
profits above HKD 2 million will continue to be subject to the rate of 16.5% for corporations in Hong Kong, effective from the year of
assessment 2018/2019. Before that, the applicable tax rate was 16.5% for corporations in Hong Kong. Under Hong Kong tax laws, ZYSL, ZYCL
and Winrich are exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of
dividends.

Singapore

Top Fin and Top AM are incorporated in Singapore
and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance
with relevant Singapore tax laws. Top Fin and Top AM are subject to a flat rate of 17%.

Australia

Top 500 is incorporated in Australia and are subject
to Australia Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant
Australian tax laws. Top 500 is subject to a reduced rate of 25% as a “small or medium business” company.

Results of Operations

Year ended March 31, 2025 compared with year
ended March 31