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Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Components of income tax (expense) / credit

		Year ended December 31,
		2021				2020				2019
		US$’000				US$’000				US$’000
Current taxes (expense )
Hong Kong profits tax and the PRC EIT			(57	)			(4	)			-
Income tax expense			(57	)			(4	)			-
Deferred tax credit / (expenses)
Hong Kong and the PRC			147				(92	)			(37	)
Total deferred tax credit / (expenses)			147				(92	)			(37	)
Total credit / (expense)			90				(96	)			(37	)

Reconciling items from income tax

		Year ended December 31,
		2021				2020				2019
		US$’000				US$’000				US$’000
Income / (loss) before income taxes			1,276				498				(173	)
Computed tax using respective companies’ statutory tax rates			158				133				69
Change in valuation allowances			349				48				30
Under-provision for income taxes in prior years			(12	)			-				(5	)
Non-deductible expenses			(405	)			(277	)			(131	)
Income taxes credit / (expense) at effective tax rate			90				(96	)			(37	)

Components of deferred tax assets

		December 31,
		2021				2020
		US$’000				US$’000
Tax losses			614				901
Temporary differences			(3	)			(5	)
Less: Valuation allowances			(469	)			(901	)
Net deferred tax assets / (liabilities)			142				(5	)

ZHEJIANG TIANLAN

Components of income tax (expense) / credit

		Year ended  December 31,
		2021				2020				2019
		RMB’000				RMB’000				RMB’000
Current tax (credit)/expense
PRC EIT			(32	)			757				28
Income tax (credit)/expense			(32	)			757				28
Deferred tax (credit)/expense			(666	)			1,101				268
Total deferred tax (credit)/expense			(666	)			1,101				268
Total (credit)/expense			(698	)			1,858				296

Reconciling items from income tax

		Year ended  December 31,
		2021				2020				2019
		RMB’000				RMB’000				RMB’000
Income before income tax			12,880				15,358				4,654
Computed tax using respective companies’ statutory tax rates			1,932				2,304				642
(Over)-provision for income tax in prior years			(39	)			(48	)			-
Temporary differences			401				182				202
Tax effect of expenses not deductible for tax purposes			286				2,306				693
Tax effect of special deduction for research and development costs			(3,263	)			(3,001	)			(2,103	)
Others			(15	)			115				862
Income taxes (credit)/expense at effective tax rate			(698	)			1,858				296

Components of deferred tax assets

		December 31,
		2021				2020
		RMB’000				RMB’000
Allowance for doubtful accounts			6,188				6,184
Deferred government grant			583				750
Impairment losses on assets			6,940				6,705
Tax losses			594				-
Total deferred tax assets			14,305				13,639

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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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