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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2021
Major Components Of Tax Expense Income [Abstract] |
Major Components of Income Tax (Benefits) Expenses | The major components of income tax (benefits) expenses for the years ended December 31, 2021, 2020 and 2019 are:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | US$’000 |  |  | US$’000 |  |  | US$’000 |
Consolidated income statements |  |  |  |  |  |  |  |  |  |  |  |
Current income tax: |  |  |  |  |  |  |  |  |  |  |  |
Current income tax charge |  |  | 3,078 |  |  |  | 3,376 |  |  |  | 1,699 |
Previously unrecognized tax loss used to reduce current income tax |  |  | (96 | ) |  |  | (89 | ) |  |  | — |
Adjustments for current income tax of prior years |  |  | — |  |  |  | (1 | ) |  |  | (16 | )
Total current income tax |  |  | 2,982 |  |  |  | 3,286 |  |  |  | 1,683 |
Deferred tax (benefits)/expenses: |  |  |  |  |  |  |  |  |  |  |  |
Relating to origination and reversal of temporary differences |  |  | (4,327 | ) |  |  | 782 |  |  |  | 374 |
Previously unrecognized tax loss used to reduce deferred tax expenses |  |  | — |  |  |  | (52 | ) |  |  | — |
Total deferred tax (benefits)/expenses |  |  | (4,327 | ) |  |  | 730 |  |  |  | 374 |
Income tax (benefit) expense reported in the income statement |  |  | (1,345 | ) |  |  | 4,016 |  |  |  | 2,057 |
Consolidated statements of comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax related to items recognized in other comprehensive income during the year: |  |  |  |  |  |  |  |  |  |  |  |
Change in the fair value of equity instrument measured at fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Recognized during the year |  |  | 147 |  |  |  | (358 | ) |  |  | 334 |
Effect of change in tax rate |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) on actuarial gains and losses |  |  |  |  |  |  |  |  |  |  |  |
Recognized during the year |  |  | 112 |  |  |  | 40 |  |  |  | (345 | )
Effect of change in tax rate |  |  | — |  |  |  | — |  |  |  | — |
Income tax expense (benefit) charged to other comprehensive (loss) income |  |  | 259 |  |  |  | (318 | ) |  |  | (11 | )
Reconciliation of Difference Between Tax Computed at Statutory Tax Rate and Income Tax (Benefits) Expenses | The reconciliation of difference between tax computed at the statutory tax rate and income tax (benefits) expenses reported in the consolidated income statement is as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | US$’000 |  |  | US$’000 |  |  | US$’000 |
(Loss)/profit before tax |  |  | (9,857 | ) |  |  | 7,725 |  |  |  | 1,106 |
Tax at statutory rate of 20% (2020: 20%; 2019: 20%) |  |  | (1,971 | ) |  |  | 1,545 |  |  |  | 221 |
Foreign income taxed at different rate |  |  | 1,465 |  |  |  | 1,100 |  |  |  | 499 |
Expenses not deductible for tax purpose |  |  | 94 |  |  |  | 255 |  |  |  | 221 |
Utilization of previously unrecognized tax losses |  |  | (96 | ) |  |  | (89 | ) |  |  | — |
Tax benefit arising from previously unrecognized tax losses |  |  | — |  |  |  | (52 | ) |  |  | — |
Net deferred tax asset not recognized |  |  | 327 |  |  |  | 1,151 |  |  |  | 949 |
Written-off deferred tax |  |  | — |  |  |  | — |  |  |  | 218 |
Tax exempt on income |  |  | (99 | ) |  |  | (57 | ) |  |  | (144 | )
Uncertain tax position |  |  | (1,173 | ) |  |  | (273 | ) |  |  | (454 | )
Return to provision adjustment |  |  | — |  |  |  | (1 | ) |  |  | (16 | )
Deferred tax liability arising from undistributed earnings |  |  | (309 | ) |  |  | 270 |  |  |  | 215 |
Withholding tax on dividends |  |  | 452 |  |  |  | 163 |  |  |  | 355 |
Others |  |  | (35 | ) |  |  | 4 |  |  |  | (7 | )
Income tax (benefit) expense reported in consolidated income statement |  |  | (1,345 | ) |  |  | 4,016 |  |  |  | 2,057 |
Summary of Deferred Tax | Deferred tax relates to the following:
|  | Consolidated balance sheet |  |  | Consolidated income statement |
|  | As of December 31, |  |  | For the year ended Decembers 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
|  | US$’000 |  |  | US$’000 |  |  | US$’000 |  |  | US$’000 |  |  | US$’000 |
Outside basis differences |  |  | (3,790 | ) |  |  | (4,099 | ) |  |  | (309 | ) |  |  | 270 |  |  |  | 215 |
Revaluations of financial assets at fair value through other comprehensive income |  |  | (469 | ) |  |  | (322 | ) |  |  | — |  |  |  | — |  |  |  | — |
Accrued interest income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (172 | ) |  |  | 13 |
Unutilized building allowance (net) |  |  | (21 | ) |  |  | (12 | ) |  |  | 9 |  |  |  | (24 | ) |  |  | (98 | )
Unused tax losses |  |  | 204 |  |  |  | 54 |  |  |  | (162 | ) |  |  | 481 |  |  |  | 119 |
Allowance for doubtful accounts |  |  | 167 |  |  |  | 281 |  |  |  | 105 |  |  |  | (21 | ) |  |  | 47 |
Inventory impairment |  |  | 3,170 |  |  |  | 412 |  |  |  | (2,914 | ) |  |  | 137 |  |  |  | 147 |
Rebates and other accrued liabilities |  |  | 617 |  |  |  | 482 |  |  |  | (170 | ) |  |  | (17 | ) |  |  | (23 | )
Unpaid retirement benefits |  |  | 1,327 |  |  |  | 1,504 |  |  |  | 26 |  |  |  | 41 |  |  |  | (81 | )
Deferred revenue and cost of sales |  |  | 30 |  |  |  | 18 |  |  |  | (15 | ) |  |  | 5 |  |  |  | (6 | )
Actuarial loss |  |  | 644 |  |  |  | 756 |  |  |  | — |  |  |  | — |  |  |  | — |
Unabsorbed depreciation |  |  | 731 |  |  |  | 680 |  |  |  | (67 | ) |  |  | 9 |  |  |  | 57 |
Mark-to-Market value of forward contract |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28 |
Provision for loss on onerous sale contract |  |  | 860 |  |  |  | — |  |  |  | (897 | ) |  |  | — |  |  |  | — |
Leases |  |  | 48 |  |  |  | 51 |  |  |  | 3 |  |  |  | (1 | ) |  |  | (23 | )
Others |  |  | (382 | ) |  |  | (324 | ) |  |  | 64 |  |  |  | 22 |  |  |  | (21 | )
Deferred tax (benefits)/expenses |  |  |  |  |  |  |  |  |  |  | (4,327 | ) |  |  | 730 |  |  |  | 374 |
Net deferred tax assets |  |  | 3,136 |  |  |  | (519 | ) |  |  |  |  |  |  |  |  |  |  |  |
Disclosure Of Reconciliation Of Changes In Deferred Tax Liability Asset Explanatory | Reconciliation of deferred tax assets, net
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | US$’000 |  |  | US$’000 |  |  | US$’000 |
Opening balance as of January 1 |  |  | (519 | ) |  |  | (200 | ) |  |  | (6 | )
Tax benefit/(expense) during the period recognized in profit or loss |  |  | 4,327 |  |  |  | (730 | ) |  |  | (374 | )
Tax (expense)/benefit during the period recognized in other comprehensive income |  |  | (259 | ) |  |  | 318 |  |  |  | 11 |
Exchange difference on translation foreign operations |  |  | (413 | ) |  |  | 93 |  |  |  | 169 |
Closing balance as of December 31 |  |  | 3,136 |  |  |  | (519 | ) |  |  | (200 | )
Year of Expiration and Amount of Available Unused Net Operating Losses | Our Company has available unused net operating losses which arose in Thailand, China, Hong Kong and Singapore as of December 31, 2021 and 2020, that may be applied against future taxable income and that expire as follows respectively:
|  | As of December 31, |
Year of expiration |  | 2021 |  |  | 2020 |
|  | US$’000 |  |  | US$’000 |
2021 |  |  | — |  |  |  | 3,905 |
2022 |  |  | 2,090 |  |  |  | 2,437 |
2023 |  |  | 4,353 |  |  |  | 4,299 |
2024 |  |  | 3,156 |  |  |  | 3,226 |
2025 |  |  | 1,912 |  |  |  | 1,811 |
2026 |  |  | 3,184 |  |  |  | — |
No expiration |  |  | 550 |  |  |  | 1,620 |
|  |  | 15,245 |  |  |  | 17,298 |
Reconciliation of Beginning and Ending Amounts of Uncertain Tax Position | A reconciliation of the beginning and ending amounts of uncertain tax position is as follows:
Change in Uncertain Tax Positions |  | 2021 |  |  | 2020 |  |  | 2019 |
|  | US$’000 |  |  | US$’000 |  |  | US$’000 |
Balance as of January 1 |  |  | 339 |  |  |  | 451 |  |  |  | 674 |
Additions based on tax positions related to the current year |  |  | — |  |  |  | — |  |  |  | — |
Decrease due to lapses in statute of limitations |  |  | (312 | ) |  |  | (144 | ) |  |  | (215 | )
Exchange difference |  |  | 1 |  |  |  | 32 |  |  |  | (8 | )
Balance as of December 31 |  |  | 28 |  |  |  | 339 |  |  |  | 451 |
Accrued Interest and Penalties on Uncertain Tax Position | The amount of related interest and penalties our Company has provided as of the dates listed below were:
|  | As of December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | US$’000 |  |  | US$’000 |  |  | US$’000 |
Accrued interest on uncertain tax position |  |  | 46 |  |  |  | 597 |  |  |  | 713 |
Accrued penalties on uncertain tax position |  |  | 28 |  |  |  | 339 |  |  |  | 384 |
Total accrued interest and penalties on uncertain tax position |  |  | 74 |  |  |  | 936 |  |  |  | 1,097 |

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