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Taxes on Income (Tables) | 12 Months Ended
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Dec. 31, 2021
Major components of tax expense (income) [abstract] |
Tax rates of subsidiaries incorporated outside of Israel |
Country | Tax rate | Note
Brazil | 34% |
Germany | 29% |
United States | 26% | (1)
Netherlands | 25% |
Spain | 25% |
China | 25% |
United Kingdom | 19% |
| (1) | The tax rate is an estimated average and includes federal and states tax. Different rate may apply in each specific year, as a result of different allocation of income between the different states.
Reconciliation of changes in deferred tax liability (asset) |
| In respect of financial position | In respect of carry forward tax losses | Total
| Depreciable property, plant and equipment and intangible assets | Inventories | Provisions for employee benefits | Other
| $ millions
Balance as of January 1, 2020 | (421) | 32 | 84 | 19 | 54 | (232)
Changes in 2020: |  |  |  |  |  |
Amounts recorded in the statement of income | (17) | 6 | 13 | (28) | 60 | 34
Amounts recorded to a capital reserve | - | - | (6) | - | (3) | (9)
Translation differences | (1) | - | 3 | 2 | 4 | 8
Balance as of December 31, 2020 | (439) | 38 | 94 | (7) | 115 | (199)
Changes in 2021: |  |  |  |  |  |
Additions in respect of business c ombinations | - | 1 | 1 | 9 | 2 | 13
Amounts recorded in the statement of income | 16 | - | 2 | (14) | (24) | (20)
Amounts recorded to a capital reserve | - | - | (22) | (1) | - | (23)
Translation differences | 2 | - | (2) | (3) | (5) | (8)
Balance as of December 31, 2021 | (421) | 39 | 73 | (16) | 88 | (237)
Deferred taxes denominated by currencies |
| As of December 31
| 2021 | 2020
| $ millions | $ millions
Euro | 84 | 73
Brazilian Real | 13 | (4)
British Pound | - | 17
U.S Dollar | (10) | (6)
Israeli Shekels | (327) | (280)
Other | 3 | 1
| (237) | (199)
Composition of the taxes on income |
| For the year ended December 31
| 2021 | 2020 | 2019
| $ millions | $ millions | $ millions
Current taxes | 145 | 70 | 91
Deferred taxes | 22 | (43) | 61
Taxes in respect of prior years | 93 | (2) | (5)
| 260 | 25 | 147
Disclosure of effective income tax rate reconciliation |
| For the year ended December 31
| 2021 | 2020 | 2019
| $ millions | $ millions | $ millions
Income before taxes on income, as reported in the statements of income | 1,092 | 49 | 628
Statutory tax rate (in Israel) | 23% | 23% | 23%
Theoretical tax expense | 251 | 11 | 144
Add (less) – the tax effect of: |  |  |
Reduced tax due to tax benefits | (64) | (6) | (8)
Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries | (10) | (4) | (15)
Tax on dividend | 3 | 2 | 2
Deductible temporary differences and their reversal (including carryforward losses) for which deferred taxes assets were not recorded and non–deductible expenses | (8) | 14 | 17
Taxes in respect of prior years* | 93 | (2) | (5)
Differences in measurement basis | (8) | 10 | 15
Other differences | 3 | - | (3)
Taxes on income included in the income statements | 260 | 25 | 147
* In 2021, including $47 million in respect of trapped earnings release
Taxes on income relating to items recorded in equity |
| For the year ended December 31
| 2021 | 2020 | 2019
| $ millions | $ millions | $ millions
Tax recorded in other comprehensive income |  |  |
Actuarial gains from defined benefit plan | (22) | (6) | 10
Change in investments at fair value through other comprehensive income | (21) | - | (1)
Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment | (1) | (3) | 1
Total | (44) | (9) | 10

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