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Webuy Global LTD
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"Tax"
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For the years ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Net loss before income taxes | $ | (5,162,454) | $ | (6,701,203) | $ | (8,167,154) | ||||||
Income tax expenses attributable to net income at Singapore statutory rate of 17% (*) | (877,617) | (1,139,205) | (1,388,416) | |||||||||
Effect of different tax rates in other jurisdictions | 51,540 | (63,730) | (48,323) | |||||||||
Non-deductible expenses | 302,956 | 537,800 | 34,595 | |||||||||
Singapore tax exemption or non-taxable income | — | — | (7,159) | |||||||||
Unrecognized deferred tax asset | 523,121 | 665,135 | 1,409,303 | |||||||||
Total tax provision | $ | — | $ | — | $ | — |
As of December 31, | ||||||||
2023 | 2022 | |||||||
Tax loss carry forwards | $ | 10,358,050 | $ | 4,348,685 | ||||
Deferred tax assets | 1,760,869 | 1,408,101 | ||||||
Valuation allowance | (1,760,869) | (1,408,101) | ||||||
Total deferred tax assets, net | $ | — | $ | — |