Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 217

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 10
Chunk 217
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 adversely affected by the decisions or practices of the Financial Services
Bureau. If challenged, decisions of the Financial Services Bureau in relation to taxation will, in general, only become final once all
the applicable levels of appeal have been exhausted and the aggrieved taxpayer will be entitled to present their case to the relevant
authorities (non- judicial or judicial as the case may be) at the appropriate moment.

Industrial
Contribution

The
Industrial Contribution (also known as Industrial Tax or Business Tax) is regulated by Law no. 15/77/M, dated December 31, 1977, which
came into force on January 1, 1978, and corresponds to an annual fixed payment for the operation of industrial and commercial activities
in Macau.

It
should be noted that since 2002, the payment of Industrial Contribution in Macau has been exempted by the annual Budget Laws. While there
is nothing to indicate that this exemption will not continue to be a tax relief measure in future years, it is not guaranteed that it
will be kept in future Budget Laws.

Complementary
Income Tax

Complementary
Income Tax is regulated by Law no. 21/78/M, dated September 9, 1978, which came into force on January 1, 1979, and corresponds to a profit
tax on earnings from commercial or industrial activities.

The
Macau Complementary Income Tax corresponds to a profit tax levied at progressive rates between 3% and 12% over the global revenue corresponding
to the annual net profits derived from carrying-on a commercial or industrial activity in Macau that any individual or corporation, regardless
of residency or head office, derive from Macau. Under the Macau Complementary Income Tax Macau residents are taxed on worldwide income
(profits) and non-Macau residents are taxed only on Macau-source income (profits). If a foreign entity is engaged in commercial/industrial
activities and/or rendering services in Macau, the resultant gain from such commercial/industrial activities and/or services rendered
will be subject to Complementary Income Tax in Macau (i. e. income will generally be regarded as arising in or derived from Macau if it
is received in consideration of activities or services performed by the taxpayer in Macau).

During the years ended June
30, 2025, 2024 and 2023, Galaxy HR (Macau) was exempted from taxation under Complementary Income Tax over profits up to