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Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2018

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
		2016				2017				2018
		US$ thousands
Income before income taxes:
Israel			15,541				23,226				14,703
Foreign jurisdiction			324				2,356				2,871
			15,865				25,582				17,574
Current taxes:
Israel			2,242				2,379				2,400
Foreign jurisdiction			720				1,095				831
			2,962				3,474				3,231
Current tax (benefits) expenses relating
to prior years:
Israel			26				12				(73	)
Foreign jurisdiction			-				(71	)			(226	)
			26				(59	)			(299	)
Deferred taxes:
Israel			10				549				(106	)
Foreign jurisdiction			(270	)			(96	)			111
			(260	)			453				5
Income tax expense			2,728				3,868				2,937

Deferred Tax Assets and Liabilities

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

		December 31				December 31
		2017				2018
		US$ thousands				US$ thousands
Deferred tax assets:
Accrued employee benefits			282				281
Research and development costs			846				842
Tax loss carryforwards			111				169
PPE			15				48
Share based compensation			213				348
Intangible assets			110				202
Other			2				23
Total gross deferred tax assets			1,579				1,913
Deferred tax liabilities:
Intangible assets			-				(212	)
Goodwill			(680	)			(807	)
Total gross deferred tax liabilities			(680	)			(1,019	)
Net deferred tax assets			899				894
In Israel			788				894
Foreign jurisdictions			111				-
Net deferred tax assets			899				894
Non-current deferred tax assets			899				894

Reconciliation of the Statutory Tax Expense to Actual Tax Expense

Reconciliation of the statutory tax expense to actual tax expense

		Year ended December 31
		2016				2017				2018
		US$ thousands
Income before income taxes			15,865				25,582				17,574
Statutory tax rate in Israel			25.0	%			24.0	%			23.0	%
			3,966				6,140				4,042
Increase (decrease) in taxes resulting from:
Non-deductible operating expenses, net			228				364				295
Non-taxable income			(84	)			(1,114	)			-
Prior years adjustments			26				(59	)			(299	)
Tax effect due to
"Preferred Enterprise" status*			(1,924	)			(2,361	)			(1,398	)
Taxes related to foreign jurisdictions			324				632				176
Changes in tax rate			94				162				-
Other			98				104				121
Income tax expense			2,728				3,868				2,937

*             The effect of the benefit resulting from the "Preferred Enterprise" status on net earnings per ordinary share is as follows:

Schedule of Effect of the Benefit Resulting From the "Preferred Enterprise" Status on Net Earnings Per Ordinary Share

		Year ended December 31
		2016				2017				2018
Basic			0.26				0.32				0.19
Diluted			0.26				0.31				0.18

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- Definition

Tabular disclosure of the effect of the benefit resulting from the "Preferred Enterprise" status on net earnings per ordinary share.

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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