Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 233

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 233
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      $             11.50      4.87  

Note 20 - Income tax

Cayman Islands

GCL Global is incorporated
in Cayman Islands and is not subject to tax on income or capital gains under current Cayman Island law. Additionally, upon payments of
dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

British Virgin Islands

GCL BVI is incorporated in
British Virgin Islands and are not subject to tax on income or capital gains under current British Virgin Island law. Additionally, upon
payments of dividends to the shareholders, no British Island withholding tax will be imposed.

Singapore

The Company’s subsidiaries
incorporated in Singapore, are subject to Singapore Profits Tax on the taxable income as reported in its statutory financial statements
adjusted in accordance with relevant Singapore tax laws. The applicable corporate income tax rate is17% in Singapore, with75% of the
first $7,474(SGD10,000) taxable income and50% of the next $142,001(SGD190,000) taxable income are exempted from income tax.

F-47

GCL GLOBAL HOLDINGS LTD
AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Hong Kong

The Company’s
subsidiaries incorporated in Hong Kong, are 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. Under the two-tiered profits tax rates regime, the
first2,000,000Hong Kong Dollar (“ HKD”) of profits of the qualifying group entity will be taxed at8.25%, and profits
above HKD2,000,000will be taxed at16.5%.

Malaysia

The Company’s subsidiary
incorporated in Malaysia is governed by the income tax laws of Malaysia and the income tax provision in respect of operations in Malaysia
is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices
in respect thereof. Under the Income Tax Act of Malaysia, enterprises that incorporated in Malaysia are usually subject to a unified24%
enterprise income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis.

Brazil

The Company’s subsidiary
incorporated in Brazil is subject to Brazilian Corporate Income Tax (“ IRPJ”). The IRPJ levied at a base rate of15%, with
an additional surtax of10%