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Taxes on Income

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Taxes on Income

Note 9: Taxes on Income

Tax rates applicable to the income of the Company:

Viewbix Inc. is taxed according to U.S. tax laws. On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (the “Act”), which among other provisions, reduced the U.S. corporate tax rate from 35% to 21%, effective January 1, 2018.

Viewbix Israel and Israeli subsidiaries are taxed according to Israeli tax laws. The Israeli corporate tax rate was 25% in the year 2016, 23% in year 2018, 2019 and onwards. Such corporate tax rate changes have no significant impact on the Company’s financial statements.

Deferred income taxes:

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets are as follows:

		As of September 30				As of December 31
		2 0 1 9				2 0 1 8
		Unaudited
Deferred R&D expenses		$	249			$	271
Operating loss carryforward			31,761				10,784
		$	32,010			$	11,055
Net deferred tax asset before valuation allowance		$	6,995			$	2,543
Valuation allowance			(6,995	)			(2,543	)
Net deferred tax asset		$	-			$	-

As of September 30, 2019, the Company has provided valuation allowances of $6,995 in respect of deferred tax assets resulting from tax loss carryforward and other temporary differences. Management currently believes that because the Company has a history of losses, it is more likely than not that the deferred tax regarding the loss carryforward and other temporary differences will not be realized in the foreseeable future.

Available carryforward tax losses:

As of September 30, 2019, the Company generated carryforward tax losses in the U.S. of approximately $32,010 of tax losses in the U.S. which generally can be carried forward and offset against taxable income indefinitely. Utilization of U.S. net operating tax losses may be subject to substantial annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating tax losses before utilization.

Loss (income) from continuing operations, before taxes on income, consists of the following:

		For the nine months ended September 30								For the three months ended September 30
		2019				2018				2019				2018
		Unaudited								Unaudited
USA		$	58			$	(9	)		$	9			$	3
Israel			658				320				279				187
		$	716			$	311			$	288			$	190

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- References

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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