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Taxes on Income | 12 Months Ended
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Dec. 31, 2023
Taxes on Income [Abstract] |
Taxes on Income | Note 19 - Taxes on Income
| A. | Regional Taxation
Israeli taxation The tax rate that is relevant to the Company in the years 2021-2023: 23%. Luxembourg taxation Net wealth tax (NWT):
| - | The real NWT is calculated by the difference between the entity’s total assets and entity’s total liabilities (exemption can be applied) multiplied by 0.5% if the fortune is lower than €500 thousand.
| - | The minimum NWT is from €535 to €32,100.
Italian taxation As a rule, corporate income tax (IRES) is payable by all resident companies on income from any source, whether earned in Italy or abroad (also for branch established in other country), at the rate of 24%. Both resident and non-resident companies are subject to regional income tax (IRAP), but only on income arising in Italy at the rate from 3.29% (in 2024 the minimum rate will increase to 3.9%) to 4.82%, depending on the region. Spanish taxation As a rule, corporate income tax is payable by all resident companies on income from any source, whether earned in Spain or abroad at the rate of 25%. Commencing January 1, 2021, Spanish companies are allowed to deduct financing expenses in an amount up to 30% of their EBITDA from one million in financial expenses and up to one million of financial expenses can be deducted in the CIT without having to apply 30% of EBITDA, with the remainder being carried forward to following years. The Netherlands taxation In 2023, the Dutch corporate income tax rate was 19% on the first €200 thousand of taxable profits, and 25.8% on taxable profits exceeding that amount. In 2022, 15% on the first €395 thousand of taxable profits and 25% on taxable profits exceeding that amount. In 2021, 15% on the first €245 thousand of taxable profits and 25% on taxable profits exceeding that amount.
| B. | Composition of income tax benefit (taxes on income):
|  | For the year ended December 31 |
|  | 2023 |  |  | *2022 |  |  | *2021 |
|  | € in thousands |
Current tax expense |  |  |  |  |  |  |  |  |
Current year |  |  | (932 | ) |  |  | (1,826 | ) |  |  | (977 | )
|  |  | (932 | ) |  |  | (1,826 | ) |  |  | (977 | )
Deferred tax income |  |  |  |  |  |  |  |  |  |  |  |
Creation and reversal of temporary differences |  |  | 1,655 |  |  |  | 174 |  |  |  | 3,513 |
Adjustments for prior years, net |  |  | 713 |  |  |  | - |  |  |  | - |
|  |  | 2,368 |  |  |  | 174 |  |  |  | 3,513 |
Tax benefit (taxes on income) |  |  | 1,436 |  |  |  | (1,652 | ) |  |  | 2,536 |
* | Reclassified due to discontinued operation - see Note 23.
| C. | Reconciliation between the theoretical tax on the pre-tax profit and the tax expense:
|  | 2023 |  |  | *2022 |  |  | *2021 |
|  | € in thousands |
Profit (loss) before taxes on income |  |  | 976 |  |  |  | 1,081 |  |  |  | (22,935 | )
Primary tax rate of the Company |  |  | 23 | % |  |  | 23 | % |  |  | 23 | %
Tax benefit (tax expenses) calculated according to the Company’s primary tax rate |  |  | (224 | ) |  |  | (249 | ) |  |  | 5,275 |
Additional tax saving in respect of: |  |  |  |  |  |  |  |  |  |  |  |
Different tax rate of foreign subsidiaries |  |  | (72 | ) |  |  | (488 | ) |  |  | (40 | )
Neutralization of tax calculated in respect of the Company’s share in profits of equity accounted investees |  |  | 994 |  |  |  | 277 |  |  |  | 27 |
Difference between measurement basis of income (expenses) for tax purposes and measurement basis of income (expenses) for financial reporting purposes |  |  | (47 | ) |  |  | (706 | ) |  |  | - |
Changes in deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past |  |  | 713 |  |  |  | 282 |  |  |  | - |
Utilization of tax losses and benefits from prior years for which deferred taxes were not created |  |  | 1,363 |  |  |  | 566 |  |  |  | - |
Change in temporary differences for which deferred tax were not recognized |  |  | 106 |  |  |  | - |  |  |  | 51 |
Current year tax losses and benefits for which deferred taxes were not created |  |  | (1,275 | ) |  |  | (1,199 | ) |  |  | (2,770 | )
Permanent differences |  |  | (122 | ) |  |  | (135 | ) |  |  | (7 | )
Actual tax benefit (taxes on income) |  |  | 1,436 |  |  |  | (1,652 | ) |  |  | 2,536 |
| * | Reclassified due to discontinued operation - see Note 23.
| D. | Carry forward tax losses:
As of December 31, 2023, Ellomay Capital Ltd. had no available carry forward tax losses. Ellomay Capital Ltd. had carry forward capital tax losses in the amount of approximately €1,361 thousand, which have no expiration date. Deferred taxes of Ellomay Capital Ltd. have not been recognized because the Company’s management currently believes that as the Company has a history of losses it is more likely than not that the deferred tax regarding losses carry forward will not be utilized in the foreseeable future. Deferred taxes are recognized by operating subsidiaries for unused tax losses, tax benefits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. As of December 31, 2023, the Company’s Dutch subsidiaries had carry forward tax losses and deductions aggregating to approximately €18,906 thousand. Of such carry forward tax losses, a deferred tax asset amounting to approximately €1,592 thousand was not recorded.
| E. | Deferred taxes:
|  | Financial |  |  | Fixed assets and |  |  | Swap |  |  | Carry- forward taxdeductions |  |  |  |
|  | assets |  |  | leases |  |  | contract |  |  | and losses |  |  | Total |
|  | € in thousands |
Balance of deferred tax asset (liability) as at January 1, 2023 |  |  | (3,642 | ) |  |  | (2,124 | ) |  |  | 14,944 |  |  |  | 7,562 |  |  |  | 16,740 |
Changes recognized in profit or loss |  |  | 690 |  |  |  | 774 |  |  |  | - |  |  |  | 1,594 |  |  |  | 3,058 |
Changes recognized in other comprehensive income |  |  | 235 |  |  |  | - |  |  |  | (16,589 | ) |  |  | - |  |  |  | (16,354 | )
Transfer to disposal groups held for sale (see Note 23) |  |  | 2,717 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,717 |
Balance of deferred tax asset (liability) as at December 31, 2023 |  |  | - |  |  |  | (1,350 | ) |  |  | (1,645 | ) |  |  | 9,156 |  |  |  | 6,161 |
|  | Financial |  |  | Fixed assets and |  |  | Swap |  |  | Carry- forward taxdeductions |  |  |  |
|  | assets |  |  | leases |  |  | contract |  |  | and losses |  |  | Total |
|  | € in thousands |
Balance of deferred tax asset (liability) as at January 1, 2022 |  |  | (6,964 | ) |  |  | (1,555 | ) |  |  | 5,400 |  |  |  | 7,027 |  |  |  | 3,908 |
Changes recognized in profit or loss |  |  | 3,065 |  |  |  | (569 | ) |  |  | - |  |  |  | 538 |  |  |  | 3,034 |
Changes recognized in other comprehensive income |  |  | 257 |  |  |  | - |  |  |  | 9,544 |  |  |  | (3 | ) |  |  | 9,798 |
Balance of deferred tax asset (liability) as at December 31, 2022 |  |  | (3,642 | ) |  |  | (2,124 | ) |  |  | 14,944 |  |  |  | 7,562 |  |  |  | 16,740 |

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