Company: HNIT
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001493152-25-003324
Chunk: 259

Company: Huineng Technology Corp
Filing Date: 2025-01-23
Form: 10-K
Item: Item 9B
Chunk 259
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 and outstanding.

The
Company has 75,000,000 shares of commons stock authorized.

10.
INCOME TAX

The
loss from operation before income taxes of the Company for the year ended November 30, 2024 and from August 15, 2023 (Date of Inception)
to November 30, 2023 were comprised of the following:

SCHEDULE
OF LOSS FROM OPERATION BEFORE INCOME TAX

    For the year ended
 November 30, 2024  
    From August 15,
 2023 (Date of
 Inception) to November 30, 2023 
  
    Tax jurisdictions from: 

    – Local 
    $(38,462) 
     (5,520)

    Foreign, representing 

    – Malaysia 
     (762) 
     - 
  
    Loss from operation before income tax 
    $(39,224) 
    $(5,520)

United
States of America

The
Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018, which resulted in the re-measurement
of the federal portion of our deferred tax assets from the 35% to 21% tax rate. The Company is registered in the State of Nevada and
is subject to United States of America tax law. As of November 30, 2024, the operations in the United States of America incurred $43,982
of cumulative net operating losses (NOL’s) which can be carried forward to offset future taxable income. The NOL carryforwards
begin to expire in 2044, if unutilized. The Company has provided for a full valuation allowance of approximately $9,236 against the deferred
tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely
than not that these assets will not be realized in the future.

Malaysia

Aceztech
Sdn. Bhd. are subject to the Malaysia Corporate Tax Laws at a two-tier corporate income tax rate based on amount of paid-up capital.
The 2024 tax rate for company with paid-up capital of MYR 2,500,000 (approximately $562,468) or less and that are not part of a group
containing a company exceeding this capitalization threshold is 15% on first chargeable income of MYR 150,000 (approximately $33,748