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Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2019

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
		2017				2018				2019
		US$ thousands
Income before income taxes:
Israel			23,226				14,703				9,339
Foreign jurisdiction			2,356				2,871				2,520
			25,582				17,574				11,859
Current taxes:
Israel			2,379				2,400				1,732
Foreign jurisdiction			1,095				831				611
			3,474				3,231				2,343
Current tax (benefits) expenses relating
to prior years:
Israel			12				(73	)			(17	)
Foreign jurisdiction			(71	)			(226	)			(4	)
			(59	)			(299	)			(21	)
Deferred taxes:
Israel			549				(106	)			(904	)
Foreign jurisdiction			(96	)			111				205
			453				5				(699	)
Income tax expense			3,868				2,937				1,623

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
		2018				2019
		US$ thousands				US$ thousands
Deferred tax assets:
Accrued employee benefits			281				327
Research and development costs			842				1,597
Tax loss carryforwards			169				196
Property, plant and equipment			48				31
Share based compensation			348				374
Intangible assets			202				347
Other			23				-
Total gross deferred tax assets			1,913				2,872
Deferred tax liabilities:
Intangible assets			(212	)			(397	)
Goodwill			(807	)			(879	)
Other			-				(3	)
Total gross deferred tax liabilities			(1,019	)			(1,279	)
Net deferred tax assets			894				1,593
In Israel			894				1,798
Foreign jurisdictions			-				(205	)
Net deferred tax assets			894				1,593
Non-current deferred tax assets			894				1,798
Non-current deferred tax liabilities			-				(205	)

Reconciliation of the Statutory Tax Expense to Actual Tax Expense

Reconciliation of the statutory tax expense to actual tax expense

		Year ended December 31
		2017				2018				2019
		US$ thousands
Income before income taxes			25,582				17,574				11,859
Statutory tax rate in Israel			24.0	%			23.0	%			23.0	%
			6,140				4,042				2,728
Increase (decrease) in taxes resulting from:
Non-deductible operating expenses, net			364				295				417
Non-taxable income			(1,114	)			-				-
Prior years adjustments			(59	)			(299	)			(21	)
Tax effect due to
"Preferred Enterprise" status*			(2,361	)			(1,398	)			(1,099	)
Taxes related to foreign jurisdictions			632				176				18
Changes in tax rate			162				-				7
Creation of deferred taxes for tax losses and
benefits from previous years for which deferred
taxes were not created in the past			-				-				(476	)
Other			104				121				49
Income tax expense			3,868				2,937				1,623

* 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
		2017				2018				2019
Basic			0.32				0.19				0.15
Diluted			0.31				0.18				0.15

X

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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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