v3.26.1
Income taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income taxes

 

9 Income taxes

 

Caymans and BVIs

 

The Company and its subsidiary are domiciled in the Cayman Island and British Virgin Islands. The locality currently enjoys permanent income tax holidays; accordingly, the Company and Ryde Group (BVI) Ltd do not accrue for income taxes.

 

Singapore

 

Ryde Technologies Pte. Ltd. and Meili Technologies Pte. Ltd. are incorporated in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

 

Malaysia

 

Meili Technologies (M) Sdn. Bhd. is subject to Malaysia Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Malaysia tax laws. The standard corporate income tax rate in Malaysia is 24%. However, if the Company has a paid-up capital of MYR 2.5 million or less, and gross income from business of not more than MYR 50 million, the tax rates will be 15% on the first MYR 150,000, 17% on amount between MYR150,001 to MYR600,000, and 24% on amount exceeding MYR 600,000.

 

The income tax benefit is S$32,000 (US$25,000) and nil for the year ended December 31, 2025 and 2024, respectively. Cash paid for income taxes was nil for the years ended December 31, 2023, 2024 and 2025.

 

 

RYDE GROUP LTD

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

9 Income taxes (continued)

 

A reconciliation between the Company’s actual provision for income tax and the provision at the respective statutory rate was as follows:

 

   2023     2024     2025     2025   
   Year Ended December 31,   
   2023     2024     2025     2025   
   S$’000     S$’000     S$’000     US$’000   
                         
Loss before income taxes   (12,869)        (18,675)        (17,481)        (13,595)     
                                         
Tax at Singapore statutory rate of 17%   (2,188)   17.00%   (3,174)   17.00%   (2,971)   17.00%   (2,311)   17.00%
Effect of international in foreign jurisdiction   1,225    -9.52%   2,612    -13.99%   2,505    -14.33%   1,948    -14.33%
Reconciling items:                                        
Non-deductible expenses   181    -1.40%   94    -0.50%   104    -0.60%   81    -0.60%
Government grant not subject to tax   (7)   0.05%   (6)   0.03%   (4)   0.02%   (3)   0.02%
Valuation allowance for tax losses   778    -6.04%   474    -2.54%   236    -1.35%   184    -1.35%
Others   11    -0.09%   -    -    162    0.92%   126    0.92%
Tax charge   -    0.00%   -    0.00%   32    -0.18%   25    -0.18%

 

Significant components of the Company’s deferred tax balances as of December 31, 2025 and 2024 are as follows:

 

  

December 31,

2024

  

December 31,

2025

  

December 31,

2025

 
   S$’000   S$’000   US$’000 
Deferred tax assets            
Tax losses carry forwards  3,109   3,345   2,601 
Less: Valuation allowance   (3,109)   (3,345)   (2,601)
Total deferred tax assets   -    -    - 
                
Deferred tax liabilities            
Total deferred tax liabilities   32    -    - 

 

Deferred tax liability is related to the fair value of intangible assets arising from the acquisition of Meili Technologies Pte. Ltd.

 

The tax losses carry forwards is available for offsetting against future taxable profits for which no deferred tax asset is recognized due to uncertainty of its recoverability. The realization of the future income tax benefits from the tax losses carry forwards is available for an unlimited future period subject to the compliance with certain provisions of the tax legislations of the countries in which the group companies operate.

 

As of December 31, 2025, the open tax year for our entities in Singapore and Malaysia is the tax year 2025.

 

 

RYDE GROUP LTD

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS