21. Income tax expense/(benefit)

Caymans Islands

The Company is incorporated in the Cayman Islands and is not subject to tax on income or capital gains under current Cayman Islands law.

Singapore

BNL Engineering Private Limited and Herlin Pte. Ltd. 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 standard corporate income tax rate in Singapore is 17%.

The major components of income tax expense/(benefit) recognized in profit or loss for the years ended April 30, 2023, 2024 and 2025 were:

 Schedule of components of income tax expense recognized in profit or loss

MAGNITUDE INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Relationship between tax expense/(benefit) and accounting profits

A reconciliation between tax expense/(benefit) and the product of accounting profits multiplied by Singapore corporate income tax rate for the financial years ended April 30, 2023, 2024 and 2025 were as follows:

 Schedule of reconciliation between tax expense and product

Unrecognized deferred tax assets

The movement in unrecognized deferred tax assets is shown below:

 Schedule of unrecognized deferred tax assets

Schedule of deferred tax assets not recognized

Deferred tax assets have not been recognized in respect of the capital allowances, unutilized tax losses and donations because it is not probable that future taxable profit will be available against which the Group can utilize the benefits due to unpredictability of future profit streams. There is no expiry date for the capital allowance and unutilized tax losses.

MAGNITUDE INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS