v3.21.2

Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income taxes

Schedule of Components of income tax expense (benefit)

		Year ended December 31,
		2020			2019			2018
Income tax expenses– Hong Kong			(741)			(532)			(146)
Deferred income tax benefit		$	1,050		$	122		$	130
			309			(410)			(16)

Schedule of company's effective tax rate

The following table reconciles the U.S. statutory rates to the Company’s effective tax rate for the years ended December 31, 2020, 2019 and 2018:

		Year ended December 31,
		2020		2019		2018
U.S. Statutory rates		21.0	%	21.0	%	21.0	%
Foreign income not recognized in USA		(21.0)		(21.0)		(21.0)
China income taxes (including Hong Kong SAR)		16.0		25.0		25.0
Impact of tax rate in other jurisdictions		(5.0)		3.2		—
Impact of tax reduction of Hong Kong profits tax		—		4.4		—
Tax effect of non-deductible expenses		(10.4)		(7.8)		(7.2)
Valuation allowance		(0.1)		(42.9)		(13.2)
Under provision in respect of prior years		(0.7)		(26.6)		(2.2)
Other (a)		0.6		(32.2)		(3.2)
Effective income taxes		0.4	%	(76.9)	%	(0.8)	%

Notes:

(a) There were no other material items affecting the effective income tax for the years ended December 31, 2020, 2019 and 2018 except for (i) losses incurred by SGOCO of approximately $1,870,  $691 and $275, respectively, where there is no tax in the Cayman Islands; and (ii) under-provision of Hong Kong profits tax as a result of certain non-deductible expenses in prior year.

Schedule of components of deferred income tax assets and liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred income tax assets and liabilities are as follows:

		December 31, 2020			December 31, 2019
Deferred income tax assets:
Net operating loss carry-forward		$	1,385		$	1,454
Less: Valuation allowance			(1,385)			(1,454)
		$	—		$	—
Deferred tax liabilities
Intangible assets		$	77		$	—
Property, plant and equipment			5,770			6,171
Interest income			12			12
		$	5,859		$	6,183

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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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