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Taxes on Income

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Taxes on Income

NOTE 8 - TAXES ON INCOME

The Company is subject to income taxes under the Israeli and U.S. tax laws:

Corporate Tax Rates

		The Company is subject to Israeli corporate tax rate of 25% in the year 2016, 24% in year 2017 and 23% from year 2018.
		The Company is subject to a blended U.S. tax rate (Federal as well as state corporate tax) of 35%.
	A.	As of June 30, 2017, the Company generated net operating losses in Israel of approximately $6,553, which may be carried forward and offset against taxable income in the future for an indefinite period.

		As of June 30, 2017, the Company generated net operating losses in the U.S. of approximately $479,277. Net operating losses in the United States are available through 2035. Utilization of U.S. net operating losses may be subject to substantial annual limitation due to the “change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization.
	B.	The Company is in its development stage and has not yet generated revenues, therefore, it is more likely than not that sufficient taxable income will not be available for the tax losses to be utilized in the future. Therefore, a valuation allowance was recorded to reduce the deferred tax assets to its recoverable amounts.

		As of June 30, 2017				As of December 31, 2016
Net loss carry-forward				$	485,830					$	481,015
Total deferred tax assets			485,830				481,015
Valuation allowance			(485,830	)			(481,015	)
Net deferred tax assets		$	-			$	-

	C.	Reconciliation of Income Taxes:
		The following is a reconciliation of the taxes on income assuming that all income is taxed at the ordinary statutory corporate tax rate in Israel and the effective income tax rate:

		As of June 30,
		2017				2016
Net loss as reported in the statements of operations		$	4,815			$	440
Statutory tax rate			24	%			25	%
Income Tax under statutory tax rate			1,156				110
Change in valuation allowance			(1,156	)			(110	)
Actual income tax		$	-			$	-

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- References

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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