Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 133

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 5
Chunk 133
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, or after execution, brought within the jurisdiction of the Cayman Islands. In addition,
the Cayman Islands does not impose withholding tax on dividend payments.

The
Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (as amended from time to time), or the Substance Act,
together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. Under the Substance Act,
if a company is considered to be a “relevant entity” and is conducting one or more of the nine “relevant activities”
then that company will be required to comply with the economic substance requirements in relation to the relevant activity from 1 July
2019. All companies 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

Our headquarters is located
in Singapore and one of our subsidiaries, Ethereal Singapore, is incorporated in Singapore. Ethereal Singapore is subject to Singapore
profits tax rate of 17% for the year ended December 31, 2022, 2023 and 2024. Under the Income Tax Act (Cap. 134 of Singapore) (“ ITA”),
the prevailing corporate income tax rate is 17%, and a company’s statutory income (for the purposes of determining assessable and
chargeable income) is based on the full amount of its income for the year preceding the year of assessment (“ YA”).

Under section 43(1) of
the ITA, every company will be taxed at the rate of 17% of chargeable income for each YA unless, amongst others, the company falls under:
(a) the partial tax exemption in section 43(6A) of the ITA applicable to all companies save for Qualifying Companies (defined below)
(“ Partial Tax Exemption”); or (b) the tax exemption for “qualifying company[ies]” in section 43(6C) of the
ITA (“ Qualifying Companies”) in their first three YAs, provided such YAs fall on or after YA 2008 (“ Qualifying Company
Tax Exemption”).

Ethereal Singapore had been
a dormant company from its incorporation in May 2018 to November 2021. From November 2021 onwards, Ethereal Singapore is
subject to the 17% corporate income tax rate for each fiscal year, unless