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INCOME TAX (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022, 2021 and 2020 are:
202220212020
US$’000 US$’000 US$’000
Consolidated income statements
Current income tax:
Current income tax charge3,547 3,078 3,376 
Previously unrecognized tax loss or temporary difference used to reduce current income tax(697)(96)(89)
Adjustments for current income tax of prior years(54)— (1)
Total current income tax2,796 2,982 3,286 
Deferred tax expenses/(benefits):
Relating to origination and reversal of temporary differences12 (4,327)782 
Previously unrecognized tax loss or temporary difference used to reduce deferred tax expenses— — (52)
Total deferred tax expenses/(benefits)12 (4,327)730 
Income tax expenses (benefit) reported in the income statement2,808 (1,345)4,016 
Consolidated statements of comprehensive income
Deferred tax related to items recognized in other comprehensive income during the year:
Change in the fair value of equity instrument measured at fair value through other comprehensive income
Recognized during the year(270)147 (358)
Effect of change in tax rate— — — 
Net income on actuarial gains and losses
Recognized during the year147 112 40 
Effect of change in tax rate— — — 
Income tax (benefit) expense charged to other comprehensive income (loss)(123)259 (318)
Reconciliation of Difference Between Tax Computed at Statutory Tax Rate and Income Tax (Benefits) Expenses The reconciliation of difference between tax computed at the statutory tax rate and income tax (benefits) expenses reported in the consolidated income statement is as follows:
202220212020
US$’000 US$’000 US$’000
Profit/(loss) before tax7,565 (9,857)7,725 
Tax at statutory rate of 20% (2021: 20%; 2020: 20%)
1,513 (1,971)1,545 
Foreign income taxed at different rate1,332 1,465 1,100 
Expenses not deductible for tax purpose241 94 255 
Utilization of previously unrecognized tax losses/temporary differences(697)(96)(89)
Tax benefit arising from previously unrecognized tax losses— — (52)
Net deferred tax asset not recognized382 327 1,151 
Written-off deferred tax— — — 
Tax exempt on income(65)(99)(57)
Uncertain tax position(102)(1,173)(273)
Return to provision adjustment(54)— (1)
Deferred tax liability arising from undistributed earnings96 (309)270 
Withholding tax on dividends163 452 163 
Others(1)(35)4 
Income tax expense/(benefit) reported in consolidated income statement 2,808 (1,345)4,016 
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,
20222021202220212020
US$’000 US$’000 US$’000 US$’000 US$’000
Outside basis differences(3,886)(3,790)96 (309)270 
Revaluations of financial assets at fair value through other comprehensive income(198)(469)— — — 
Accrued interest income— — — — (172)
Unutilized building allowance (net)(8)(21)(13)9 (24)
Unused tax losses1,373 204 (1,158)(162)481 
Allowance for doubtful accounts46 167 113 105 (21)
Inventory impairment2,897 3,170 150 (2,914)137 
Rebates and other accrued liabilities661 617 (85)(170)(17)
Unpaid retirement benefits1,281 1,327 — 26 41 
Deferred revenue and cost of sales19 30 10 (15)5 
Actuarial loss498 644 — — — 
Unabsorbed depreciation588 731 90 (67)9 
Provision for loss on onerous sale contract— 860 817 (897)— 
Leases36 48 9 3 (1)
Others(361)(382)(17)64 22 
Deferred tax expenses/(benefits)12 (4,327)730 
Net deferred tax assets2,946 3,136 
Disclosure Of Reconciliation Of Changes In Deferred Tax Liability Asset Explanatory
Reconciliation of deferred tax assets, net
202220212020
US$’000 US$’000 US$’000
Opening balance as of January 13,136 (519)(200)
Tax (expense)/benefit during the period recognized in profit or loss(12)4,327 (730)
Tax benfit/(expense) during the period recognized in other comprehensive income123 (259)318 
Exchange difference on translation foreign operations(301)(413)93 
Closing balance as of December 312,946 3,136 (519)
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, Singapore and Taiwan as of December 31, 2022 and 2021, that may be applied against future taxable income and that expire as follows respectively:
As of December 31,
Year of expiration20222021
US$’000US$’000
2022— 2,090 
20234,054 4,353 
20242,955 3,156 
20251,773 1,912 
20263,011 3,184 
20275,887 — 
2032184 — 
No expiration2,796 550 
20,660 15,245 
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 Positions202220212020
US$’000 US$’000 US$’000
Balance as of January 128 339 451 
Decrease due to lapses in statute of limitations(26)(312)(144)
Exchange difference(2)1 32 
Balance as of December 31— 28 339 
Accrued Interest and Penalties on Uncertain Tax Position The amount of related interest and penalties our Company has provided as of the dates listed below were:
As of December 31,
202220212020
US$’000US$’000US$’000
Accrued interest on uncertain tax position— 46 597 
Accrued penalties on uncertain tax position— 28 339 
Total accrued interest and penalties on uncertain tax position— 74 936