Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 208

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 10
Chunk 208
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 in effect or, in some cases, proposed, as of the date of this report,
as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are
subject to change, which change could apply retroactively and could affect the tax consequences described below.

The
brief description below of the U. S. federal income tax consequences to “ U. S. Holders” will apply to you if you are a beneficial
owner of Ordinary Shares and you are, for U. S. federal income tax purposes,

  an individual who is a citizen or resident of the United                                                                              
  a corporation (or other entity taxable as a corporation                                                                               
  an estate whose income is subject to U. S. federal income                                                                             
  a trust that (1) is subject to the primary supervision                                                                                

If
a partnership (or other entities treated as a partnership for United States federal income tax purposes) is a beneficial owner of our
Ordinary Shares, the tax treatment of a partner in the partnership will depend upon the status of the partner and the activities of the
partnership. Partnerships and partners of a partnership holding our Ordinary Shares are urged to consult their tax advisors regarding
an investment in our Ordinary Shares.

Taxation
of Dividends and Other Distributions on our Ordinary Shares

Subject
to the PFIC (defined below) rules discussed below, the gross amount of distributions made by us to you with respect to the Ordinary Shares
(including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date
of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined
under U. S. federal income tax principles). With respect to corporate U. S. Holders, the dividends will not be eligible for the dividends-received
deduction allowed to corporations in respect of dividends received from other U. S. corporations.

With
respect to non-corporate U. S. Holders, including individual U. S. Holders, dividends will be taxed at the lower capital gains rate applicable
to qualified dividend income, provided that (1) the Ordinary Shares are readily tradable on an established securities market in the United
States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange
of information program, (2) we are not a PFIC (defined below) for either