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Taxes on Income (Tables) | 12 Months Ended
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Dec. 31, 2023
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 | 25% | (2)
| (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.
| (2) | The tax rate in the UK was increased from 19% to 25% since April 1, 2023.
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, 2022 | (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)
Changes in 2023:
Amounts recorded in the statement of income | (46) | (22) | (5) | (4) | 19 | (58)
Amounts recorded to a capital reserve | - | - | (8) | (4) | - | (12)
Translation differences | (3) | - | 1 | 4 | 4 | 6
Balance as of December 31, 2023 | (596) | 50 | 52 | 15 | 142 | (337)
Schedule of deferred taxes denominated by currencies |
| As of December 31
| 2023 | 2022
| $ millions | $ millions
Israeli Shekels | (420) | (368)
Euro | 38 | 51
Brazilian Real | 24 | 28
British Pound | 11 | 16
U.S Dollar | 1 | (8)
Other | 9 | 8
| (337) | (273)
Schedule of composition of the taxes on income |
| For the year ended December 31
| 2023 | 2022 | 2021
| $ millions | $ millions | $ millions
Current taxes | 251 | 869 | 145
Deferred taxes | 47 | 45 | 22
Taxes in respect of prior years | (11) | 271 | 93
| 287 | 1,185 | 260
Schedule of effective income tax rate reconciliation |
| For the year ended December 31
| 2023 | 2022 | 2021
| $ millions | $ millions | $ millions
Income before taxes on income, as reported in the statements of income | 974 | 3,404 | 1,092
Statutory tax rate (in Israel) | 23% | 23% | 23%
Theoretical tax expense | 224 | 783 | 251
Add (less) – the tax effect of:
Surplus Profit Levy tax | 62 | 265 | -
Reduced tax due to tax benefits | (17) | (95) | (64)
Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries | (32) | 1 | (10)
Tax on dividend | 4 | 5 | 3
Deductible temporary differences and their reversal (including carryforward losses) for which deferred taxes assets were not recorded and non–deductible expenses | 52 | (29) | (8)
Taxes in respect of prior years* | (11) | 271 | 93
Differences in measurement basis | 2 | (21) | (8)
Other differences | 3 | 5 | 3
Taxes on income included in the income statements | 287 | 1,185 | 260
* For 2022, included the settlement agreement related to surplus profit levy, as described above.
Schedule of taxes on income relating to items recorded in equity |
| For the year ended December 31
| 2023 | 2022 | 2021
| $ millions | $ millions | $ millions
Tax recorded in other comprehensive income |  |  |
Actuarial gains from defined benefit plan | (8) | (12) | (22)
Change in investments at fair value through other comprehensive income | - | - | (21)
Change in fair value of hedging derivatives | (4) | 4 | -
Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment | (9) | (11) | (1)
Total | (21) | (19) | (44)

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