INCOME TAXES

6 Months Ended

Jun. 30, 2024

10. INCOME TAXES

For the six months ended June 30, 2024 and 2023, the local (United States) and foreign components of loss before income taxes were comprised of the following:

	Six months ended June 30, 2024 (Unaudited)			Six months ended June 30, 2023 (Unaudited)
Tax jurisdictions from:
Local	$	(33,262	)	$	(28,204	)
Foreign, representing
- Labuan		(20,837	)		(25,455	)
- Hong Kong	$	(18,847	)	$	32,059
- Malaysia		(2,904	)		(2,692	)
Loss before income tax	$	(75,850	)	$	(24,292	)

The provision for income taxes consisted of the following:

	For the period ended June 30, 2024 (Unaudited)		For the period ended June 30, 2023 (Unaudited)
Current:
- Local		-		-
- Foreign		-		-
Deferred:
- Local		-		-
- Foreign		-		-

Income tax expense	$	-	$	-

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States Labuan and Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows:

United States of America

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of June 30, 2024, the operations in the United States of America incurred $577,218 of cumulative net operating losses which can be carried forward indefinitely to offset a maximum of 80% future taxable income. The Company has provided for a full valuation allowance of $461,774 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

Labuan

Under the current laws of the Labuan, SEATech Ventures Corp is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3% of net audited profit.

Hong Kong

SEATech Ventures (HK) Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income.

Malaysia

SEATech CVC Sdn. Bhd. and SEATech Ventures Sdn. Bhd are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 15% to 24% on its assessable income.

SEATECH VENTURES CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2024

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

- Definition

The entire disclosure for income tax.

+ References

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+ Details

SEATech Ventures Corp. 10-Q