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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Taxes

A. Taxes on income included in the statements of income:

		US dollars
		Year ended December 31,
(in thousands)		2021				2020				2019
Income taxes (tax benefit):
Current taxes:
In Israel			4,916				5,841				6,155
Outside Israel			6,954				4,341				7,674
			11,870				10,182				13,829
Deferred taxes:
In Israel			(300	)			(553	)			299
Outside Israel			(143	)			(1,605	)			(2,545	)
			(443	)			(2,158	)			(2,246	)
Taxes in respect of prior years:
In Israel			339				(*) 2,751				439
Outside Israel			88				81				212
			427				2,832				651
			11,854				10,856				12,234

(*) During November 2020, the Company has received from the Israeli tax authority ("ITA") tax assessments for the years 2016-2018 amounting to approximately NIS 13 million (approximately US$ 4 million). An amount of approximately NIS 6 million (approximately US$ 2 million) due to the timing differences (out of this amount, approximately NIS 2 million were claim in the tax assessment for the year ended December 31, 2019) related to the deduction of certain expenses for tax purposes, which was agreed to be deducted in the coming years. Accordingly, the Company recorded an amount of NIS 9 million (approximately US$ 3 million) as tax expense related to prior periods and a deferred tax benefit in a similar amount. In addition, the Company was required to pay the ITA an amount of NIS 2 million (approximately US$ 0.5 million) as interest expense. Such amount was recognized as part of financing income, net.

Schedule of Income Tax Reconciliation

J. The following is reconciliation between the theoretical tax on pretax income, at the applicable Israeli tax rate, and the tax expense reported in the financial statements:

		US dollars
		Year ended December 31,
(in thousands)		2021				2020				2019
Pretax income			48,968				29,039				23,204
Statutory tax rate			23	%			23	%			23	%
Tax computed at the ordinary tax rate			11,263				6,679				5,337
Nondeductible expenses (income)			(282	)			2,220				3,117
Losses and timing differences in respect of which no deferred taxes assets were recognized			446				423				297
Tax adjustment in respect of different tax rates			1,202				753				3,045
Taxes in respect of withholding at the source from royalties and dividends			-				-				725
Adjustment in respect of tax rate deriving from “approved enterprises”			(1,874	)			(1,583	)			(128	)
Tax related to previous years			427				2,832				651
Others			672				(468	)			(810	)
			11,854				10,856				12,234

Summary of Deferred Taxes

Composition:

		US dollars
		December 31,
(in thousands)		2021				2020
Deferred taxes
Provision for vacation, recreation and bad debt			1,697				1,894
Provision for other employee related obligations			1,362				1,400
Provision for deferred revenues/expenses and other obligations			3,963				4,292
Other temporary differences, net			2,117				1,280
			9,139				8,866

		US dollars
		December 31,
(in thousands)		2021				2020
Deferred income taxes included in long-term investments and other assets			11,091				11,360
Deferred income taxes included in long-term liabilities			(1,952	)			(2,494	)
			9,139				8,866

Schedule of Income Before Income Taxes

		US dollars
		Year ended December 31,
(in thousands)		2021				2020				2019
The Company and its Israeli subsidiaries			39,594				38,469				27,045
Non-Israeli subsidiaries			9,374				(9,430	)			(3,841	)
			48,968				29,039				23,204

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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.

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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 income before income tax between domestic and foreign jurisdictions.

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