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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAX [Abstract]

Schedule of Components of Income Taxes

		US dollars
		Year ended December 31,
(in thousands)			2015				2014				2013
Income taxes (tax benefit):
Current taxes:
In Israel			6,279				7,564				6,060
Outside Israel			6,089				7,630				8,194
			12,368				15,194				14,254
Deferred taxes:
In Israel			(121	)			(471	)			(503	)
Outside Israel			206				(432	)			(1,309	)
			85				(903	)			(1,812	)
Taxes in respect of prior years:
In Israel			369				-				-
Outside Israel			-				(45	)			5
			369				(45	)			5
			12,822				14,246				12,447

Schedule of Income Tax Reconciliation

			US dollars
			Year ended December 31,
(in thousands)			2015				2014			2013
Pretax income			41,833				47,574			38,002
Statutory tax rate			26.5	%			26.5	%		25	%
Tax computed at the ordinary tax rate			11,086				12,607			9,500
Nondeductible expenses (income)			526				10			1,365
Losses in respect of which no deferred taxes were generated (including changes in valuation allowance)			831				(304	)		137
Deductible financial expenses recorded to other comprehensive income			(439	)			(365	)		(312	)
Tax adjustment in respect of different tax rates			1,411				1,662			1,877
Taxes in respect of withholding at the source from royalties and dividends			78				615			817
Adjustment in respect of tax rate deriving from “approved enterprises”			(405	)			(558	)		(467	)
Others			(266	)			579			(470	)
			12,822				14,246			12,447

Summary of Deferred Taxes

Composition:

		US dollars
		Year ended December 31,
(in thousands)		2015		2014
Deferred taxes included in other current assets:
Provision for employee related obligations		145		130
Provision for legal obligation and other		2,607		3,519
		2,752		3,649

Composition:

			US dollars
			Year ended December 31,
(in thousands)			2015		2014
Long-term deferred income taxes:
Provision for employee related obligations			718		678
Carry forward tax losses and foreign tax credit			4,321		4,321
Temporary differences, net			1,237		1,010
			6,276		6,009
Valuation allowance			(3,997	)	(3,273	)
			2,279		2,736

		US dollars
		Year ended December 31,
(in thousands)			2015			2014
Deferred income taxes included in long-term investments and other assets			2,279			2,886
Deferred income taxes included in long-term liabilities			-			(150	)
			2,279			2,736

Schedule of Income Before Income Taxes

		US dollars
		Year ended December 31,
(in thousands)		2015		2014		2013
The Company and its Israeli subsidiaries		23,987		26,021		17,296
Non-Israeli subsidiaries		17,846		21,553		20,706
		41,833		47,574		38,002

Changes in Unrecognized Tax Benefits

		US dollars
(in thousands)
Balance at January 1, 2014		472
Translations differences related to the current year		(51	)
Balance at December 31, 2014		421
Decrease related tax positions of prior years		(419	)
Translations differences related to the current year		(2	)
Balance at December 31, 2015		-

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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