The tax on the Group’s (loss)/profit before income tax differs from the theoretical amount that would arise using the Singapore’s standard rate of income tax as follows:

Movement in deferred tax liabilities:

Movement in deferred tax assets: 

The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. Thus, deferred tax assets are recognized at the amount that is probable to be realized on a net basis. The Group has not recognized deferred tax assets in respect of certain unused tax losses because it is not probable that future taxable profit will be available against which the Group can utilize the benefits therefrom. As of December 31, 2025, net operating losses of $5,505,202 from the Singapore, Australia, UK, Netherlands, UAE, Hong Kong and Germany subsidiaries can be carried forward indefinitely. Net operating loss carryforwards from other jurisdictions of $171,497 will expire in calendar years 2030, 2032 and 2040, if not utilized.

The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2025 and 2024, the Group did not have any significant unrecognized uncertain tax positions and the Group does not believe that its unrecognized tax benefits will change over the next twelve months. For the years ended December 31, 2025 and 2024, the Group did not incur any interest and penalties related to potential underpaid income tax expenses.