Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 105

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 10
Chunk 105
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 with the economic substance requirements in relation to the relevant activity from July 1, 2019.
Each company, whether a relevant entity or not, is required to file an annual report in the Cayman Islands with the Companies Registry
confirming whether or not it is carrying on any relevant activities and, if it is, it must satisfy an economic substance test.

Singapore
Taxation

Dividend
Distributions

One
Tier Corporate Taxation System

Effective
from January 1, 2008, Singapore resident companies can issue one-tier tax exempt dividends. This means shareholders will not be taxed
on this dividend income. However, dividends received from shares in co-operatives are taxable.

Withholding
Taxes

Singapore
currently does not impose withholding tax on dividends.

  68  

Goods
and Services Tax

The
Goods and Services Tax, or GST, in Singapore is a broad-based consumption tax that is levied on import of goods into Singapore, as well
as nearly all supplies of goods and services in Singapore at the prevailing rate of 9%.

Corporate
Tax

A
company is regarded as tax resident in Singapore if the control and management of its business is exercised in Singapore.

Corporate
taxpayers who are Singapore tax residents are subject to Singapore income tax on income accruing in or derived from Singapore and, subject
to certain exceptions, on foreign-sourced income received or deemed to be received in Singapore.

However,
foreign-sourced income in the form of dividends, branch profits and service income received or deemed to be received in Singapore by
Singapore tax resident companies on or after June 1, 2003 is exempt from tax if certain prescribed conditions are met, including the
following:

  (a)      such                                                                                                                                  
  (b)      at                                                                                                                                    

Certain
concessions and clarifications have also been announced by the Inland Revenue Authority of Singapore with respect to such conditions.

Non-resident
corporate taxpayers, with certain exceptions, are subject to Singapore income tax on income accruing in or derived from Singapore, and
on foreign-sourced income received or deemed to be received in Singapore.

The
corporate tax rate in Singapore is currently 17%. In addition, three-quarters of up to the first S$10,000 of a company’s annual
normal chargeable income, and one-half of up to the next S$190,000, is exempt. The remaining chargeable income (after the tax exemption)
will be fully taxable at the prevailing corporate tax rate.