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Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Components of income tax (expense) / credit

		Year ended December 31,
		2022				2021				2020
		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 (expenses) / credit
Hong Kong and the PRC			(24	)			147				(92	)
Total deferred tax (expenses) / credit			(24	)			147				(92	)
Total (expense) / credit			(24	)			90				(96	)

Reconciling items from income tax

		Year ended December 31,
		2022				2021				2020
		US$’000				US$’000				US$’000
Income before income taxes			563				1,276				498
Computed tax using respective companies’ statutory tax rates			131				158				133
Change in valuation allowances			58				349				48
Under-provision for income taxes in prior years			-				(12	)			-
Non-deductible expenses			(213	)			(405	)			(277	)
Income tax (expense) / credit at effective tax rate			(24	)			90				(96	)

Components of deferred tax assets

		December 31,
		2022				2021
		US$’000				US$’000
Tax losses			649				614
Temporary differences			-				(3	)
Less: Valuation allowances			(541	)			(469	)
Net deferred tax assets			108				142

ZHEJIANG TIANLAN

Components of income tax (expense) / credit

		Year ended December 31,
		2022				2021				2020
		RMB’000				RMB’000				RMB’000
Current tax (credit) / expense
PRC EIT			(7	)			(32	)			757
Income tax (credit) / expense			(7	)			(32	)			757
Deferred tax (credit) / expense			(361	)			(666	)			1,101
Total deferred tax (credit) / expense			(361	)			(666	)			1,101
Total (credit) / expense			(368	)			(698	)			1,858

Reconciling items from income tax

		Year ended  December 31,
		2022				2021				2020
		RMB’000				RMB’000				RMB’000
Income before income tax			15,398				12,880				15,358
Computed tax using respective companies’ statutory tax rates			2,309				1,932				2,304
(Over)-provision for income tax in prior years			(69	)			(39	)			(48	)
Temporary differences			2,089				401				182
Tax effect of revenue not subject to tax			3				-				-
Tax effect of expenses not deductible for tax purposes			500				286				2,306
Tax effect of special deduction for research and development costs			(5,257	)			(3,263	)			(3,001	)
Others			57				(15	)			115
Income taxes (credit) / expense at effective tax rate			(368	)			(698	)			1,858

Components of deferred tax assets

		December 31,
		2022				2021
		RMB’000				RMB’000
Allowance for doubtful accounts			5,680				6,188
Deferred government grant			154				583
Impairment losses on assets			5,978				6,940
Tax losses			2,854				594
Total deferred tax assets			14,666				14,305

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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