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Taxes on Income (Tables) | 12 Months Ended
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Dec. 31, 2022
Major components of tax expense (income) [abstract] |
Schedule of tax rates of subsidiaries incorporated outside of Israel |
Country | Tax rate | Note
Brazil | 34% |
Germany | 29% |
United States | 26% | (1)
Netherlands | 25.8% |
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.
Schedule of 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, 2021 | (439) | 38 | 94 | (7) | 115 | (199)
Changes in 2021: |  |  |  |  |  |
Additions in respect of business combinations | - | 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)
Changes in 2022: |  |  |  |  |  |
Amounts recorded in the statement of income | (127) | 33 | 4 | 31 | 35 | (24)
Amounts recorded to a capital reserve | - | - | (12) | 4 | - | (8)
Translation differences | 1 | - | (1) | - | (4) | (4)
Balance as of December 31, 2022 | (547) | 72 | 64 | 19 | 119 | (273)
Schedule of deferred taxes denominated by currencies |
| As of December 31
| 2022 | 2021
| $millions | $millions
Israeli Shekels | (368) | (327)
Euro | 51 | 84
Brazilian Real | 28 | 13
British Pound | 16 | -
U.S Dollar | (8) | (10)
Other | 8 | 3
| (273) | (237)
Schedule of composition of the taxes on income |
| For the year ended December 31
| 2022 | 2021 | 2020
| $ millions | $ millions | $ millions
Current taxes | 869 | 145 | 70
Deferred taxes | 45 | 22 | (43)
Taxes in respect of prior years | 271 | 93 | (2)
| 1,185 | 260 | 25
Schedule of effective income tax rate reconciliation |
| For the year ended December 31
| 2022 | 2021 | 2020
| $ millions | $ millions | $ millions
Income before taxes on income, as reported in the statements of income | 3,404 | 1,092 | 49
Statutory tax rate (in Israel) | 23% | 23% | 23%
Theoretical tax expense | 783 | 251 | 11
Add (less) – the tax effect of: |  |  |
Surplus Profit Levy tax | 265 | - | -
Reduced tax due to tax benefits | (95) | (64) | (6)
Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries | 1 | (10) | (4)
Tax on dividend | 5 | 3 | 2
Deductible temporary differences and their reversal (including carryforward losses) for which deferred taxes assets were not recorded and non–deductible expenses | (29) | (8) | 14
Taxes in respect of prior years* | 271 | 93 | (2)
Differences in measurement basis | (21) | (8) | 10
Other differences | 5 | 3 | -
Taxes on income included in the income statements | 1,185 | 260 | 25
* For 2022, included $275 million relating to Surplus Profit Levy, of which $188 in respect of the settlement agreement as mentioned above.
Schedule of taxes on income relating to items recorded in equity |
| For the year ended December 31
| 2022 | 2021 | 2020
| $ millions | $ millions | $ millions
Tax recorded in other comprehensive income |  |  |
Actuarial gains from defined benefit plan | (12) | (22) | (6)
Change in investments at fair value through other comprehensive income | - | (21) | -
Change in fair value of hedging derivatives | 4 | - | -
Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment | (11) | (1) | (3)
Total | (19) | (44) | (9)

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