Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 134

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 5
Chunk 134
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 it falls within the aforementioned Partial Tax Exemptions or
Qualifying Company Tax Exemption.

Under Singapore tax laws,
we are exempted from Singapore income tax on its foreign sourced dividend income received in Singapore, provided that (i) such income
is subject to income tax of a similar character under the laws of the jurisdiction from which such income is received at the time the
income is received in Singapore; (ii) at the time the income is received in Singapore, the highest rate of such tax on any gains
or profits from a trade or business carried on in such jurisdiction is not less than 15%; and (iii) the Singapore Comptroller of
Income Tax is satisfied that the tax exemption would be beneficial to the person resident in Singapore.

United States

One of our subsidiaries, Ethereal
Tech US Corporation, was incorporated in Delaware in December 2021 and started operations in February 2022. Ethereal US is subject to
U. S. federal, state and local income taxes, if any. We evaluate our ability to recognize our deferred tax assets quarterly by considering
all positive and negative evidence available as proscribed by the FASB under its general principles of ASC 740, Income Taxes.

United Arab Emirates

One of our subsidiaries, Ethereal
Tech ME Limited (“ Ethereal ME”), was incorporated in the UAE in August 2024. Ethereal ME is subject to UAE Corporate Tax,
if applicable.

On December 9, 2022, the UAE
Ministry of Finance released Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law or the
Law) to establish a federal corporate tax (CT) regime in the UAE. The CT regime is effective from June 1, 2023, and has implications for
financial statements for accounting periods beginning on or after this date. The Cabinet of Ministers Decision No. 116/2022 (published
in December 2022 and effective from January 16, 2023) specifies that taxable income not exceeding AED 375,000 will be subject to a 0%
UAE CT rate, while taxable income exceeding AED 375,000 will be subject to a 9% UAE CT rate. With the publication of this Decision, the
UAE CT Law is considered substantively enacted for the purposes of accounting for Income Taxes. The UAE CT Law shall apply to the Ethereal
ME with effect from August 2024. The Ministry