Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 253

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 253
---
ent Fund (“EPF”) — 12% based on employee’s monthly salary; and |

| — | Employment Insurance System (“EIS”) — 0.2% based on employee’s monthly salary capped of RM 4,000. |

<div align='center'>F-32

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Hong Kong subsidiaries

| — | Mandatory Provident Fund (“MPF”) — 5% based on employee’s monthly salary capped of HKD 30,000; |

Revenue represents the invoiced value of service,
net of applicable GST. The GST is chargeable on gross sales price. In Singapore, GST rate is 8% on gross sales price for calendar year
2023 and 9% for calendar year 2024. Entities that are GST-registered are allowed to offset qualified input GST paid to suppliers against
their output GST liabilities. Net GST balance between input GST and output GST is recorded in tax payable or receivable.

The Company accounts for income taxes in accordance
with ASC 740 U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year and adjusted for items, which
are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet
date.

Deferred tax is calculated using the balance sheet
liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in
the consolidated financial statements and the corresponding tax basis. In principle, deferred tax liabilities are recognized for all taxable
temporary differences. Deferred tax assets are recognized to the extent that it is more likely than not that taxable income will be utilized
with prior net operating loss carried forwards using tax rates that are expected to apply to the period when the asset is realized or
the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or
charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely
than not that some portion or all of the deferred tax assets will not be utilized. Current income taxes are provided for in accordance
with the laws of the relevant tax authorities.

An uncertain tax position is recognized as a benefit
only if it is “more likely than not” that the tax position would be