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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes |
Schedule of income tax expense (benefit) recognized in profit or loss | (a)Income tax expense (benefit) recognized in profit or loss for the years ended December 31, 2018, 2019 and 2020 consists of the following:
|  | Year ended December 31,
|  | 2018 |  | 2019 |  | 2020
|  | (in thousands)
Current tax expense |  |  |  |  |  |  |
Current period |  | $ | 5,878 |  | 1,461 |  | 13,599
Adjustment for prior periods |  |  | (172) |  | (126) |  | (363)
|  |  | 5,706 |  | 1,335 |  | 13,236
Deferred tax expense |  |  |  |  |  |  |
Origination and reversal of temporary differences |  |  | 1,012 |  | 247 |  | 370
Investment tax credits and operating loss carryforward |  |  | (4,525) |  | (1,166) |  | (1,894)
Effect of tax rate changes |  |  | (1,199) |  | - |  | -
|  |  | (4,712) |  | (919) |  | (1,524)
Total income tax expense |  | $ | 994 |  | 416 |  | 11,712
Schedule of income taxes expense (benefit) recognized directly in other comprehensive income | (b)Income taxes expense (benefit) recognized directly in other comprehensive income for the years ended December 31, 2018, 2019 and 2020 consist of the following:
|  | Year ended December 31,
|  | 2018 |  | 2019 |  | 2020
|  | (in thousands)
Items that will not be reclassified to profit or loss: |  |  |  |  |  |  |
Remeasurements of defined benefit pension plans |  | $ | 169 |  | 25 |  | (38)
Schedule of reconciliation of the expected income tax expense computed based on the ROC statutory income tax rate, compared with the actual income tax expense as reported in the consolidated statements of profit or loss | (c)Reconciliation of the expected income tax expense computed based on the ROC statutory income tax rate of 20% compared with the actual income tax expense as reported in the consolidated statements of profit or loss for the years ended December 31, 2018, 2019 and 2020 are summarized as follows:
|  | Years ended December 31,
|  | 2018 |  | 2019 | 2020
|  | Rate |  | Amount |  | Rate |  | Amount |  | Rate |  | Amount
|  |  |  | (in thousands) |  |  |  | (in thousands) |  |  |  | (in thousands)
Profit (loss) before income taxes |  |  |  | $ | 7,020 |  |  |  | $ | (15,768) |  |  |  | $ | 56,872
Income tax expense calculated at the statutory rate |  | 20.0 | % |  | 1,404 |  | 20.0 | % |  | (3,154) |  | 20.0 | % |  | 11,374
Tax on undistributed earnings |  | (10.8) | % |  | (755) |  | 8.0 | % |  | (1,261) |  | 3.0 | % |  | 1,727
Tax-exempt income |  | (16.2) | % |  | (1,135) |  | - |  |  | - |  | - |  |  | -
Tax benefit resulting from setting aside legal reserve from prior year’s income |  | (0.8) | % |  | (56) |  | 0.3 | % |  | (51) |  | - |  |  | -
Tax benefit resulting from offsetting prior year’s undistributed earning tax with current year’s loss |  | - |  |  | - |  | 2.8 | % |  | (443) |  | - |  |  | -
Increase in tax credits |  | (75.6) | % |  | (5,306) |  | 17.1 | % |  | (2,698) |  | (12.1) | % |  | (6,895)
Effect of change of unrecognized deductible temporary differences, tax losses carryforwards and investment tax credits |  | 100.2 | % |  | 7,034 |  | (40.9) | % |  | 6,455 |  | 8.7 | % |  | 4,954
Net of non-taxable income and non-deductible expense |  | (2.1) | % |  | (151) |  | (2.2) | % |  | 343 |  | 0.2 | % |  | 129
Capital gain tax |  | (1.6) | % |  | (116) |  | - |  |  | - |  | - |  |  | -
Changes in unrecognized tax benefits related to prior year tax positions, net of its impact to tax-exempted income |  | 6.3 | % |  | 440 |  | (1.2) | % |  | 194 |  | (1.2) | % |  | (709)
Foreign tax rate differential |  | 12.1 | % |  | 850 |  | (3.5) | % |  | 548 |  | 1.5 | % |  | 881
Variance from audits, amendments and examinations of prior years’ income tax filings |  | (0.8) | % |  | (58) |  | (2.3) | % |  | 368 |  | (0.6) | % |  | (363)
Effect of tax rate changes |  | (17.1) | % |  | (1,199) |  | - |  |  | - |  | - |  |  | -
Others |  | 0.6 | % |  | 42 |  | (0.7) | % |  | 115 |  | 1.1 | % |  | 614
Income tax expense |  |  |  | $ | 994 |  |  |  | $ | 416 |  |  |  | $ | 11,712
Effective tax rate |  | 14.2 | % |  |  |  | (2.6) | % |  |  |  | 20.6 | % |  |
Schedule of components of deferred tax assets and deferred tax liabilities | (d)As of December 31, 2019 and 2020, the components of deferred tax assets and deferred tax liabilities were as follows:
|  | December 31, |  | December 31,
|  | 2019 |  | 2020
|  | (in thousands)
Deferred tax assets: |  |  |  |  |
Inventory |  | $ | 5,089 |  | 4,426
Tax credit carryforwards |  |  | 5,645 |  | 7,780
Operating loss carryforward-statutory tax |  |  | 1,254 |  | 1,013
Accrued compensated absences |  |  | 588 |  | 735
Allowance for sales discounts |  |  | 576 |  | 411
Depreciation |  |  | 521 |  | 561
Unrealized foreign exchange loss |  |  | 102 |  | 179
Others |  |  | 658 |  | 634
|  | $ | 14,433 |  | 15,739
Deferred tax liabilities: |  |  |  |  |
Acquired intangible assets |  | $ | (1,255) |  | (1,014)
Remeasurement of defined benefit plans |  |  | (139) |  | (107)
Unrealized foreign exchange gain |  |  | - |  | (17)
|  | $ | (1,394) |  | (1,138)
Schedule of changes in deferred tax assets and liabilities | (e)Changes in deferred tax assets and liabilities were as follows:
|  |  |  |  |  |  | Recognized |  |  |  |  |  | Recognized |  |
|  |  |  |  | Recognized |  | in other |  |  |  | Recognized |  | in other |  |
|  | January 1, |  | in profit or |  | comprehensive |  | December |  | in profit or |  | comprehensive |  | December
|  | 2019 |  | loss |  | income |  | 31, 2019 |  | loss |  | income |  | 31, 2020
|  | (in thousands)
Inventory |  | $ | 5,996 |  | (907) |  | - |  | 5,089 |  | (663) |  | - |  | 4,426
Tax credit carryforwards |  |  | 3,567 |  | 2,078 |  | - |  | 5,645 |  | 2,135 |  | - |  | 7,780
Operating loss carryforward |  |  | 2,166 |  | (912) |  | - |  | 1,254 |  | (241) |  | - |  | 1,013
Accrued compensated absences |  |  | 553 |  | 35 |  | - |  | 588 |  | 147 |  | - |  | 735
Allowance for sales discounts |  |  | 685 |  | (109) |  | - |  | 576 |  | (165) |  | - |  | 411
Depreciation |  |  | 481 |  | 40 |  | - |  | 521 |  | 40 |  | - |  | 561
Unrealized foreign exchange loss |  |  | 8 |  | 94 |  | - |  | 102 |  | 60 |  | - |  | 162
Remeasurement of defined benefit plans |  |  | (114) |  | - |  | (25) |  | (139) |  | (6) |  | 38 |  | (107)
Acquired intangible assets |  |  | (1,645) |  | 390 |  | - |  | (1,255) |  | 241 |  | - |  | (1,014)
Others |  |  | 448 |  | 210 |  | - |  | 658 |  | (24) |  | - |  | 634
Total |  | $ | 12,145 |  | 919 |  | (25) |  | 13,039 |  | 1,524 |  | 38 |  | 14,601
Schedule of unrecognized deferred tax assets | (f)Unrecognized Deferred Tax Assets Gross amount of deferred tax assets have not been recognized in respect of the following items.
|  | December 31, |  | December 31,
|  | 2019 |  | 2020
|  | (in thousands)
Unused tax credits |  | $ | 1,560 |  | 1,560
Unused operating loss carryforwards-statutory tax |  |  | 224,566 |  | 241,371
Unused operating loss carryforwards-undistributed earnings tax |  |  | 229,177 |  | 261,659
Others |  |  | 27,333 |  | 29,897
|  | $ | 482,636 |  | 534,487
Schedule of unrecognized deferred tax assets of unused operating loss carry forwards | As of December 31, 2020, the expiration period for abovementioned unrecognized deferred tax assets of unused operating loss carryforwards for statutory tax were as follows:
|  |  |  |  | Unrecognized |  |
|  | Deductible amount |  | deferred tax assets |  | Expiration year
|  | (in thousands) |  |
Taiwan operations |  | $ | 102,259 |  | $ | 20,452 |  | 2021~2025
|  |  | 108,708 |  |  | 21,742 |  | 2026~2030
Hong Kong operations |  |  | 1,828 |  |  | 151 |  | Indefinitely
US operations |  |  | 12,458 |  |  | 3,503 |  | 2024~2040
Israel operations |  |  | 16,118 |  |  | 3,707 |  | Indefinitely
|  |  |  |  | $ | 49,555 |  |

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