Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 216

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 10
Chunk 216
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 by the Group’s activity in Macau, Macau authorities
will apply the relevant tax laws and regulations thereto, regardless of whether such income has been, will be or may be taxed in any
other jurisdictions, including Hong Kong.

Macau
follows a calendar fiscal year (i. e.

  (i)       Industrial Contribution (Law no. 15/77/M, dated December                                                                         
            31, 1977), which corresponds to an annual fixed payment for the operation of industrial and commercial activities in Macau; and  
  (ii)      Complementary Income Tax (Law no. 21/78/M, dated September                                                                       
            9, 1978), which corresponds to a profit tax on earnings from business activities.                                                
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The
Industrial Contribution and the Complementary Income Tax are administered by the Financial Services Bureau, which is an entity of the
public administration of Macau authorized, among others, to supervise, coordinate and inspect all matters relating to taxation. The Financial
Services Bureau is organized in sub-units, one of which being the Macau Finance Bureau (also referred to as the Macau Tax Department),
that is responsible for carrying-out the tax administration and to execute, promote and enhance compliance with tax laws.

Infringements
to tax statutes may result in the application of sanctions or penalties. While there isn’t a unified penalty policy, i. e. there
isn’t a unified statute that lists all infringements to tax laws and their respective penalties (meaning that the individual tax
regulations must be carefully and independently analyzed), generally speaking, infringements include not declaring income, inaccuracies
and omissions in tax returns, refusal to submit requested documents and not cooperating with the tax authorities, concealment, destruction,
falsification and vitiation of documents, or non-payment of taxes within the stipulated deadlines. Penalties are in the form of fines
which, in general, can range from MOP50 to MOP100,000 and the payment of such fines does not discharge the taxpayer from the payment
of the related taxes, interest in arrears or the criminal prosecution that may take place if such criminal prosecution is provided for
under the relevant taxation laws.

As
a guarantee to the taxpayers, the regulations for each type of tax contain detailed procedures for the latter to file complaints, hierarchical
appeals and/or judicial appeals when they consider themselves