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Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Components of income tax (expense) / credit

		Year ended December 31,
		2020				2019				2018
		US$’000				US$’000				US$’000
Current taxes (expense) / credit
Hong Kong profits tax and the PRC EIT			(4)				-				346
Income tax (expense) / credit			(4)				-				346
Deferred tax expenses
Hong Kong and the PRC			(92)				(37)				(34)
Total deferred tax expense			(92)				(37)				(34)
Total (expense) / credit			(96)				(37)				312

Reconciling items from income tax

		Year ended December 31,
		2020				2019				2018
		US$’000				US$’000				US$’000
Income / (loss) before income taxes			498				(173	)			(373	)
Computed tax using respective companies’ statutory tax rates			133				69				254
Change in valuation allowances			48				30				(68)
Under / (over-provision) for income taxes in prior years			-				(5)				131
Non-deductible expenses			(277)				(131)				(5)
Income taxes (expense) / credit at effective tax rate			(96)				(37)				312

Components of deferred tax assets

		December 31,
		2020				2019
		US$’000				US$’000
Tax losses			901				858
Temporary differences			(5	)			(19	)
Less: Valuation allowances			(901	)			(752	)
Net deferred tax (liabilities) / assets			(5	)			87

ZHEJIANG TIANLAN

Components of income tax (expense) / credit

		Year ended December 31,
		2020				2019				2018
		RMB’000				RMB’000				RMB’000
Current tax expense
PRC EIT			757				28				2
Income tax expense			757				28				2
Deferred tax expense/(credit)			1,101				268				(7,969	)
Total deferred tax expense/(credit)			1,101				268				(7,969	)
Total expense/(credit)			1,858				296				(7,967	)

Reconciling items from income tax

		Year ended December 31,
		2020				2019				2018
		RMB’000				RMB’000				RMB’000
Income/(loss) before income tax			15,358				4,654				(34,194	)
Computed tax using respective companies’ statutory tax rates			2,304				642				(4,987	)
(Over)-provision for income tax in prior years			(48	)			-				-
Temporary differences			182				202				(272	)
Tax effect of revenue not subject to tax			-				-				(3,024	)
Tax effect of expenses not deductible for tax purposes			2,306				693				316
Tax effect of special deduction for research and development costs			(3,001	)			(2,103	)			-
Others			115				862				-
Income taxes expense/(credit) at effective tax rate			1,858				296				(7,967	)

Components of deferred tax assets

		December 31,
		2020				2019
		RMB’000				RMB’000
Allowance for doubtful accounts			6,184				7,464
Deferred government grant			750				-
Impairment losses on assets			6,705				5,025
Tax losses			-				1,481
Total deferred tax assets			13,639				13,970

X

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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