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INCOME TAX (Tables)
 12 Months Ended
Dec. 31, 2024
Major components of tax expense (income) [abstract]  
Major Components of Income Tax (Benefits) Expenses
The major components of income tax expenses (benefits) for the years ended December 31, 2024, 2023 and 2022 are:
202420232022
US$’000 US$’000 US$’000
Consolidated income statements
Current income tax:
Current income tax charge1,513 2,798 3,547 
Previously unrecognized tax loss or temporary difference used to reduce current income tax— (394)(697)
Adjustments for current income tax of prior years6 (694)(54)
Total current income tax1,519 1,710 2,796 
Deferred tax expenses / (benefits):
Relating to origination and reversal of temporary differences1,426 (1,284)12 
Previously unrecognized tax loss or temporary difference used to reduce deferred tax expenses(136)(264)— 
Total deferred tax expenses/(benefits)1,290 (1,548)12 
Income tax expenses reported in the income statement2,809 162 2,808 
Consolidated statements of comprehensive income
Deferred tax related to items recognized in other comprehensive income during the year:
Change in the fair value of equity instrument measured at fair value through other comprehensive income
Recognized during the year(15)221 (270)
Effect of change in tax rate— — — 
Net income on actuarial gains and losses
Recognized during the year(78)377 147 
Effect of change in tax rate— — — 
Income tax (benefit) expense charged to other comprehensive income (loss) (93)598 (123)
Reconciliation of Difference Between Tax Computed at Statutory Tax Rate and Income Tax (Benefits) Expenses The reconciliation of difference between tax computed at the statutory tax rate and income tax expense reported in the consolidated income statement is as follows:
202420232022
US$’000 US$’000 US$’000
Profit/(loss) before tax9,377 464 7,565 
Tax at statutory rate of 20% (2023: 20%; 2022: 20%)
1,875 93 1,513 
Foreign income taxed at different rate944 940 1,332 
Expenses not deductible for tax purpose68 9 241 
Utilization of previously unrecognized tax losses/temporary differences— (394)(697)
Tax benefit arising from previously unrecognized tax losses(136)(264)— 
Net deferred tax asset not recognized332 1,727 382 
Tax exempt on income(140)(693)(65)
Uncertain tax position— — (102)
Return to provision adjustment6 (694)(54)
Deferred tax liability arising from undistributed earnings238 (354)96 
Withholding tax on dividends127 38 163 
Enhanced pre-tax deductions of R&D Expenses(198)(242)— 
Others(307)(4)(1)
Income tax expense reported in consolidated income statement 2,809 162 2,808 
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,
20242023202420232022
US$’000 US$’000 US$’000 US$’000 US$’000
Outside basis differences(3,770)(3,532)238 (354)96 
Revaluations of financial assets at fair value through other comprehensive income(404)(419)— — — 
Unutilized building allowance (net)(87)(141)(51)131 (13)
Unused tax losses2,583 3,220 594 (1,805)(1,158)
Allowance for doubtful accounts1,040 1,008 (33)(945)113 
Inventory impairment826 881 52 2,001 150 
Rebates and other accrued liabilities715 788 7 (119)(85)
Unpaid retirement benefits1,261 1,282 19 11 — 
Deferred revenue and cost of sales(1)31 31 (12)10 
Actuarial loss199 121 — — — 
Unabsorbed depreciation591 588 (36)(4)90 
Mark-to-Market value of forward contract4 — (4)— — 
Provision for loss on onerous sale contract31 451 407 (443)817 
Leases38 41 2 (6)9 
Others(421)(360)64 (3)(17)
Deferred tax expenses/(benefits)1,290 (1,548)12 
Net deferred tax assets2,605 3,959 
Disclosure Of Reconciliation Of Changes In Deferred Tax Liability Asset Explanatory
Reconciliation of deferred tax assets, net
202420232022
US$’000 US$’000 US$’000
Opening balance as of January 13,959 2,946 3,136 
Tax (expense)/benefit during the period recognized in profit or loss(1,290)1,548 (12)
Tax benefit/(expense) during the period recognized in other comprehensive income93 (598)123 
Exchange difference on translation foreign operations(157)63 (301)
Closing balance as of December 312,605 3,959 2,946 
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, 2024 and 2023, that may be applied against future taxable income and that expire as follows respectively:
As of December 31,
Year of expiration20242023
US$’000US$’000
2024— 2,135 
20251,711 2,262 
20261,978 2,535 
20274,140 6,645 
202812,978 13,111 
2029483 — 
2032155 184 
2033689 736 
No expiration3,813 4,949 
25,947 32,557 
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 Positions202420232022
US$’000 US$’000 US$’000
Balance as of January 1— — 28 
Decrease due to lapses in statute of limitations— — (26)
Exchange difference— — (2)
Balance as of December 31— — — 
Accrued Interest and Penalties on Uncertain Tax Position The amount of related interest and penalties our Company has provided as of the dates listed below were:
As of December 31,
202420232022
US$’000US$’000US$’000
Accrued interest on uncertain tax position— — — 
Accrued penalties on uncertain tax position— — — 
Total accrued interest and penalties on uncertain tax position— — — 
Disclosure OfPillar Two Taxes, Status Of Implementation In Operated Jurisdictions
Status of Implementation in Our Company’s Operated Jurisdictions
CountryImplementation StatusIncome Inclusion Rule (IIR)Undertaxed Profit Rule (UTPR)Domestic Top-up Tax (QDMTT)
Taiwan (i)No announcement yetUndefinedUndefinedUndefined
Bermuda (ii)No informationNo informationNo informationNo information
PRCNo announcement yetUndefined UndefinedUndefined
HongKong (iii)Draft legislation January 1, 2025To be confirmed January 1, 2025
ThailandLegislation adoptedJanuary 1, 2025January 1, 2025January 1, 2025
AustaliaLegislation adoptedJanuary 1, 2024January 1, 2025January 1, 2024
SingaporeLegislation adoptedJanuary 1, 2025Deferred until further noticeJanuary 1, 2025
(i) Taiwan has announced that it will increase the Alternative Minimum Tax (AMT) rate for profit-making enterprises belonging to multinational groups from 12% to 15%, effective from 2025.
(ii) Bermuda has implemented corporate income tax (CIT) in line with the OECD’s Pillar Two global minimum tax framework. This tax applies to Bermuda-based entities within MNE groups with annual revenues of at least €750 million. The CIT rate is 15% and will take effect for tax years beginning on or after January 1, 2025.
(iii) On December 27, 2024 the HKSAR Government published the draft legislation in the Gazette for implementing the global minimum tax (GMT) and Hong Kong inimum top-up tax (HKMTT).