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Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Before Income Taxes and Income Taxes Expense (Benefit) Included in The Consolidated Statements of Operations

Income before income taxes and income taxes expense (benefit) included in the consolidated statements of operations

		Year ended December 31
		2013				2014				2015
		US$ thousands
Income (loss) before income taxes:
Israel			16,857				16,522				19,486
Foreign jurisdiction			1,125				787				(1,061	)
			17,982				17,309				18,425
Current taxes:
Israel			949				2,494				2,383
Foreign jurisdiction			479				409				465
			1,428				2,903				2,848
Current tax (benefits) expenses relating
to prior years:
Israel			29				20				-
Foreign jurisdiction			-				-				(36	)
			29				20				(36	)
Deferred taxes:
Israel			(552	)			(200	)			(437	)
Foreign jurisdiction			-				(19	)			(470	)
			(552	)			(219	)			(907	)
Income tax expense			905				2,704				1,905

Deferred Income Taxes

The tax effects of significant items comprising the Company’s deferred tax assets are as follows:

		December 31				December 31
		2014				2015
		US$ thousands				US$ thousands
Deferred tax assets:
Accrued employee benefits			248				247
Research and development costs			636				679
Tax loss carryforwards			-				177
PPE			7				16
Inventory			-				160
Share based compensation			-				245
Other			22				21
Total gross deferred tax assets			913				1,545
Deferred tax liabilities:
Inventory			(99	)			-
Intangible assets			(444	)			(243	)
Goodwill			-				(61	)
Other			-				36
Total gross deferred tax liabilities			(543	)			(268	)
Net deferred tax assets			370				1,277
In Israel			913				1,348
Foreign jurisdictions			(543	)			(71	)
Net deferred tax assets			370				1,277
Current deferred tax assets			567				950
Current deferred tax liabilities			(259	)			(111	)
Non-current deferred tax assets			346				595
Non-current deferred tax liabilities			(284	)			(157	)
Net deferred tax assets			370				1,277

Reconciliation of the Statutory Tax Expense to Actual Tax Expense

Reconciliation of the statutory tax expense to actual tax expense

		Year ended December 31
		2013				2014				2015
		US$ thousands
Income before income taxes			17,982				17,309				18,425
Statutory tax rate in Israel			25.0	%			26.5	%			26.5	%
			4,496				4,587				4,883
Increase (decrease) in taxes resulting from:
Non-deductible operating expenses, net			205				476				209
Non-taxable income			-				-				(819	)
Prior year adjustments			29				20				(36	)
Tax effect due to "Approved/Benefited/
Preferred Enterprise" status			(4,396	)			(2,588	)			(2,368	)
Taxes related to foreign jurisdictions			198				181				250
Changes in tax rate			399				-				35
Creation of deferred taxes for tax losses and
benefits from previous years for which deferred
taxes were not created in  the past			-				-				(252	)
Other			(26	)			28				3
Income tax expense			905				2,704				1,905

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- References

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- Definition

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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