Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 234

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 234
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 applied to taxable income exceeding BRL240,000annually, resulting in an effective corporate income tax rate
of up to25%.

United Kingdom

The Company’s subsidiary
incorporated in the United Kingdom is subject to UK Corporation Tax on taxable profits in accordance with UK tax legislation. The applicable
statutory corporate income tax rate was25% for the fiscal year ended March 31, 2025.

People’s Republic of China (“ PRC”)

The Company’s subsidiaries
incorporated in the PRC are subject to PRC Enterprise Income Tax at a unified tax rate of25% on their taxable income, as determined in
accordance with relevant PRC tax laws and regulations. Preferential tax rates or exemptions may be available to certain qualified entities,
subject to approval by local tax authorities.

Dubai (United Arab Emirates)

The Company’s subsidiary incorporated in
Dubai is governed by the corporate tax regime established under UAE Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations
and Businesses. Effective from June 1, 2023, the UAE implemented a corporate tax regime at a standard rate of9% on taxable income exceeding
AED375,000. Income up to this threshold is exempt from corporate tax.

United States

The Company’s subsidiary
incorporated in the United States is subject to U. S. federal corporate income tax at a statutory rate of21% on its taxable income, in
accordance with the Internal Revenue Code. Additionally, the subsidiary may also be subject to state and local income taxes, which vary
by jurisdiction.

Income tax (benefit) expense for the years ended
March 31, 2025, 2024, and 2023 amounted to $1,128,672, $53,291and $620,142, respectively.

F-48

GCL GLOBAL HOLDINGS LTD
AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Significant components of the provision for income
taxes are as follows:

                                  For the years ended March 31,                                                                   
                                  2025                                              2024                     2023                 
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Current                         $                                  1,362,520      $           723,160      $           873,308  
  Deferred                                                           ( 233,848                ( 669,869                (