Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 116

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4
Chunk 116
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have passed a variety of laws and regulations regarding social insurance and housing funds from time to time, including, among others,
the Social Insurance Law of the People’s Republic of China, the Regulation of Insurance for Labor Injury, the Regulations of Insurance
for Unemployment, the Provisional Insurance Measures for Maternal Employees, the Interim Administrative Provisions on Registration of
Social Insurance and the Administrative Regulations on the Housing Provident Fund. Pursuant to these laws and regulations, enterprises
in the PRC shall provide their employees with welfare schemes covering pension insurance, unemployment insurance, maternity insurance,
occupational injury insurance and medical insurance, as well as housing fund and other welfare plans. Failure to comply with such laws
and regulations may result in various fines and legal sanctions and supplemental contributions to the local social insurance and housing
fund regulatory authorities.

Pursuant to the PRC Social
Insurance Law promulgated on October 28, 2010, which became effective on July 1, 2011 and amended on December 29, 2018, and other relevant
PRC laws and regulations, employers in the PRC must register with the relevant social insurance authority and make contributions to the
pension insurance fund, basic medical insurance fund, unemployment insurance fund, maternity insurance fund and work-related injury insurance
fund. An employer must declare and make social insurance contributions in full and on time. The social insurance contributions payable
by employees must be withheld and paid by employers on behalf of the employees. Pursuant to the Regulations on the Administration of
Housing Provident Fund effective on April 3, 1999, as amended on March 24, 2002 and March 24, 2019, a unit (including a foreign investment
enterprise) shall undertake the registration with the administrative center of housing provident funds and pay the funds for their staff.

On July 20, 2018, the General
Office of the Communist Party of China and the General Office of the State Council issued the Tax Reform Plan on Reforming the State and
Local Tax Collection and Administration Systems, or the Tax Reform Plan. Under the Tax Reform Plan, beginning from January 1, 2019, tax
authorities are responsible for the collection of social insurance contributions in the PRC. Pursuant to the Urgent Notice on Effectively
Implementing the Spirit of the Standing Meeting of the State Council and Effectively Conducting the Collection of Social Insurance Premiums
in a Stable Manner, which was issued by the General