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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Income Taxes

Schedule of Effective Income Tax Rate Reconciliation

The reconciliations of the U.S. statutory rate with the Company’s effective tax rate for each of  the nine months ended September 30, 2020 and 2019 are summarized in the table below:

		For the Nine Months Ended September 30,
		2020		2019
Federal income tax benefit at statutory rate		(21.0)	%	(21.0)	%
Effect of:				—
Change in valuation allowance		(660.0)		(15.1)
Foreign rate differential		(295.9)		(1.8)
Return to provision true up		(14.8)		(0.3)
Withholding tax		—		4.5
State income tax net of federal benefit		(120.1)		1.8
Foreign operations permanent difference - foreign exchange gains and losses		90.3		(39.3)
Increase in unrecognized tax benefits (ASC 740)		410.5		30.8
Tax effects of foreign operations		1,610.6		84.8
Effect of share based compensation		263.7		—
Others		29.0		(4.2)
Effective tax rate		1,292.3	%	40.2	%

Schedule Of unrecognized Tax Benefits

The following table presents a roll-forward of the Company’s unrecognized tax benefits and associated interest for the nine months ended September 30, 2020 (in thousands):

		Unrecognized
		tax benefits
Balance - January 1, 2020		$	2,957
Increase for current year tax position			225
Decrease for prior year tax position			(161)
Interest accrual			125
Foreign currency remeasurement			(100)
Balance - September 30, 2020		$	3,046

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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