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Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

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

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

		Year ended December 31
		2018				2019				2020
		US$ thousands
Income before income taxes:
Israel			14,703				9,339				5,565
Foreign jurisdictions			2,871				2,520				1,717
			17,574				11,859				7,282
Current taxes:
Israel			2,400				1,732				1,260
Foreign jurisdictions			831				611				506
			3,231				2,343				1,766
Current tax (benefits) expenses relating to prior years:
Israel			(73	)			(17	)			50
Foreign jurisdictions			(226	)			(4	)			(198	)
			(299	)			(21	)			(148	)
Deferred taxes:
Israel			(106	)			(904	)			8
Foreign jurisdictions			111				205				(69	)
			5				(699	)			(61	)
Income tax expense			2,937				1,623				1,557

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
		2019				2020
		US$ thousands				US$ thousands
Deferred tax assets:
Accrued employee benefits			327				368
Research and development costs			1,597				1,859
Operating loss carryforwards			196				66
Property, plant and equipment			31				-
Share based compensation			374				365
Intangible assets			347				287
Operating lease liabilities			-				1,121
Other			-				1
Total deferred tax assets			2,872				4,067
Deferred tax liabilities:
Intangible assets			(397	)			(203	)
Goodwill			(879	)			(1,089	)
Operating leases right-of-use, net			-				(1,100	)
Other			(3	)			(21	)
Total deferred tax liabilities			(1,279	)			(2,413	)
Net deferred tax assets			1,593				1,654
In Israel			1,798				1,790
Foreign jurisdictions			(205	)			(136	)
Net deferred tax assets			1,593				1,654
Non-current deferred tax assets			1,798				1,790
Non-current deferred tax liabilities			(205	)			(136	)

Reconciliation of the Statutory Tax Expense to Actual Tax Expense

H.Reconciliation of the statutory tax expense to actual tax expense

		Year ended December 31
		2018				2019				2020
		US$ thousands
Income before income taxes			17,574				11,859				7,282
Statutory tax rate in Israel			23.0	%			23.0	%			23.0	%
			4,042				2,728				1,675
Increase (decrease) in taxes resulting from:
Non-deductible operating expenses			295				417				508
Prior years adjustments			(299	)			(21	)			(148	)
Tax effect due to
"Preferred Enterprise" status*			(1,398	)			(1,099	)			(714	)
Statutory rate differential			176				18				105
Changes in tax rate			-				7				181
Creation of deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past			-				(476	)			-
Other			121				49				(50	)
Income tax expense			2,937				1,623				1,557

* 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
		2018				2019				2020
Basic			0.19				0.15				0.10
Diluted			0.18				0.15				0.10

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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- 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

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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