INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of income (loss) before income tax

	Years ended December 31,
	2023			2022
Tax jurisdiction from:
- Local	$	(296,304	)	$	(305,569	)
- Foreign, including
British Virgin Islands		(264,239	)		(25,141	)
Singapore		(25,057,072	)		(9,677,694	)
Hong Kong		(17,800	)		(43,079	)
Loss before income taxes	$	(25,635,415	)	$	(10,051,483	)

Schedule of provision for income taxes

	Years ended December 31,
	2023		2022
Current:
- Local	$	–	$	–
- Foreign		–		(3,821	)
Deferred:
- Local		–		–
- Foreign		–		–
Income tax credit	$	–	$	(3,821	)

Schedule of income tax expense

	Years ended December 31,
	2023			2022
Loss before income taxes	$	(25,057,072	)	$	(9,677,694	)
Statutory income tax rate		17%			17%
Income tax expense at statutory rate		(4,259,702	)		(1,635,502	)
Tax effect of non-deductibles items		8,669			–
Tax effect on non-taxable items		(3,995	)		–
Net operating loss not recognized as deferred tax		4,255,028			1,635,502
Income tax expense	$	–		$	–

Hong Kong

The Company’s subsidiaries operating in Hong Kong is subject to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25% to 16.5% on the estimated assessable profits arising in Hong Kong during the current period, after deducting a tax concession for the tax year. The reconciliation of income tax rate to the effective income tax rate for the years ended December 31, 2023 and 2022 is as follows:

	Years ended December 31,
	2023			2022
Loss before income taxes	$	(17,800	)	$	(43,079	)
Statutory income tax rate		16.5%			16.5%
Income tax expense at statutory rate		(2,937	)		(7,108	)
Tax effect of non-deductibles items		938			654
Tax effect on non-taxable items		(56	)		–
Tax over-provision		–			(3,821	)
Net operating loss		2,055			6,454
Income tax credit	$	–		$	(3,821	)

Schedule of deferred tax assets

	2023			2022
Deferred tax assets:
NOL – US tax regime	$	243,200		$	180,976
NOL – British Virgin Islands regime		–			–
NOL – Hong Kong tax regime		8,509			6,454
NOL – Singapore tax regime		6,160,661			1,905,633
		6,412,370			2,093,063
Less: valuation allowance		(6,412,370	)		(2,093,063	)
Deferred tax assets, net	$	–		$	–